BioXcel is going big—with notable developments—that could push the stock higher than its 52-week high of $71.50, in the coming months.
BioXcel Therapeutics (BTAI) is making way into a newly evolving industry in the health sciences—biotech. BTAI had a superb last year with notable developments. The popularity of the company is due to its use of artificial intelligence in drug discovery.
As we write this on Feb. 1, BTAI shares were soaring by 8.96% trading around $50.47.In the past year, when the rest of the stock market was dropping—in March—BioXcel entered the bullish momentum. Initially, the business was paused due to the pandemic restrictions, however, the biotech company kept on performing well.
BioXcelTherapeutics (BTAI) grew its revenue to over20% in the fiscal year 2020. So, the sales were decent enough to push the revenues. For this year, the company projects to maintain organic growth of 15%-20%, with additional acquisitions possibly pushing the overall growth even further.
BioXcel stands out for its development in AI-based solutions and drug discovery. The biotech firm is incorporating the power of next-generation technology. Through this BioXcel would have a swifter growth and transformation would be phenomenal due to smart tech. This opens up a lot of opportunities for BioXcel to thrive in different segments and diversify its portfolio.
At the moment, the most significant project of BioXcel is its proprietary, orally dissolving thin film formulation of dexmedetomidine, BXCL501. This topline drug is being developed for the acute treatment of agitation in dementia patients, including those with Alzheimer’s disease.
Recently, the company announced the topline results from the Phase 1b/2 TRANQUILITY trial of BXCL501. The results from the trials were statistically significant and clinically meaningful. Moreover, BXCL501 showed fast and durable reductions in agitation that was obtained with the 60 mg dose.
The CEO of BioXcel stated the current analysis shows that BXCL501 has a massive potential to treat the full spectrum of agitation in patients with dementia. The company plans to take the drug trials into a late-stage study later this year, following that dialogue with the FDA.
It is estimated that around 4 million people in the US are suffering from agitation associated with dementia affects. If BXCL501 achieves all the end-points of the study following the approval from the FDA, it would change things for the patients. Also, this would ultimately bring tons of revenue for the company.
BioXcelTherapeutics (BTAI) is still growing with astonishing potential alongside—AI tech is a massive gateway to success. The biotech industry has a wide range and various opportunities to embrace its place in the health market. For investors; with continued growth expected this year, BTAI is a stock to go with.