BofA analyst Alec Stranahan downgraded BioXcel Therapeutics (BTAI) to Underperform from Buy with a price target of 25c, down from $7. The firm cites an “uncertain” agitation market opportunity, “lingering regulatory overhangs,” and BioXcel’s thinning cash position. More broadly for the sector, while political and rate uncertainty continues to be an overhang, the firm views the health of the Biopharma sector as “markedly improved from 2022 lows.”
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