Shares surged after hours on Tuesday, making BioXcel the most talked-about stock on Stocktwits, with message volume up 118% in the 24 hours following the announcement.
BioXcel Therapeutics drew sharp retail-trader attention early Wednesday as the company gears up to release topline results later in the day for its experimental therapy to treat agitation linked to bipolar disorders and schizophrenia outside of clinical settings.
The report from its SERENITY At-Home Phase 3 safety trial will reveal detailed effects of BXCL501, marketed as Igalmi, the company’s sublingual film formulation of dexmedetomidine. The company plans to hold an investor call and webcast at 8 a.m. ET to discuss the data.
The announcement about the release, made late Tuesday, triggered a 19% spike in BioXcel’s stock after the bell, sending the ticker to the top of trending symbols on Stocktwits, accompanied by a 118% surge in 24-hour message volume. Sentiment, however, was ‘neutral’ as of the last reading.
Last week, BioXcel captured investors’ attention after the company said the FDA had provided positive preliminary comments for Igalmi.
The trial enrolled 200 patients living with bipolar disorder or schizophrenia who experienced agitation episodes despite being on stable treatment. Over 12 weeks, participants self-administered either 120 mcg of BXCL501, the same dose approved under medical supervision, or a placebo when symptoms arose.
The trial tracked adverse events as its primary safety endpoint, while patients or caregivers also provided feedback using a modified global impression of severity scale.
Igalmi is also being studied for agitation associated with Alzheimer’s dementia, bipolar disorder, and schizophrenia in outpatient and at-home settings. It has received an FDA breakthrough therapy designation for agitation linked to dementia and a fast-track designation for agitation tied to schizophrenia, bipolar disorders, and dementia.
BioXcel’s stock short interest has also plunged since March, from over 10.6% to 1.8% as of the end of last week, according to Koyfin data.
Shares of the company have shed nearly 15% this year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<