Why Shares of BioXcel Therapeutics Fell This Week
Shares of BioXcel (NASDAQ: BTAI) were down 14.4% for the week as of Thursday's close, according to data provided by S&P Global Market Intelligence. The biotech company's shares closed at $2.91 last week, then fell to a new 52-week low of $2.48 on Thursday. The stock is down 88% year to date.
BioXcel focuses on artificial intelligence-based clinical drug development platforms for neuroscience and immuno-oncology. The stock has been trending downward for a while, and on Sept. 25, the company released an SEC filing from Sept. 19 to show that BioXcel co-founder Krishnan Nandabalan, who had previously been its president and chief scientific officer, was resigning from the company's board. He remains at BioXcel's sister company, InveniAI, as chairman, president, and CEO.
The leadership change was enough to shake up the stock, but BioXcel apparently is about to have layoffs as well. In August, the company said it would be trimming its workforce from 190 to 80 employees. According to Layoff Radar, the 110 employees will be terminated by Oct. 15.
Source Fool.com
