Shares of BioXcel Therapeutics (NASDAQ: BTAI) are trading lower on Thursday after the company reported somewhat disappointing data from a clinical trial for one of its leading pipeline candidates, BXCL501, on Wednesday evening. The biotech's stock was down by 13.3% as of 2:31 p.m. EDT.
BXCL501 is a thin sublingual film being developed for the treatment of opioid withdrawal symptoms, among other conditions. In a phase 1b/2 study, BXCL501 was generally safe and well tolerated with no serious adverse reaction reported, which was the study's primary safety endpoint. However, it is worth noting that treatment adverse events were relatively frequent for the two highest doses of BXCL501 (180 micrograms and 240 micgrograms), at least when compared to the placebo, which recorded no treatment adverse events.
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Why BioXcel Therapeutics Stock Is Plunging Today