BioXcel Therapeutics price target lowered to $31 from $71 at Truist

Truist analyst Robyn Karnauskas lowered the firm’s price target on BioXcel Therapeutics to $31 from $71 after the company announced a “structural reprioritization” and laid off staff but keeps a Buy rating on the shares. Trial data support the approval for Igalmi in episodic treatment of agitation, and the firm is assuming a 2025 launch with significant opportunity in dementia, the analyst tells investors in a research note. Given the potential chronic indication of a portion of AD market however, Truist is modifying peak potential assumptions, with dementia market with episodic treatments exceeding 50M versus 100M prior view.