Canaccord lowered the firm’s price target on BioXcel Therapeutics (BTAI) to $5 from $7 and keeps a Buy rating on the shares. The firm updated its model following the comany’s recent raise and renegotiated covenants. Importantly, they have also managed to renegotiate some financial covenants, and believes it has a cash runway into 1Q25. The refashioned agreements call for an additional amount to be raised over 1Q25 through some points in 2025.
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