Shares of BioXcel Therapeutics slumped after the company recorded weaker third-quarter results than analysts had expected and said it would follow regulators’ recommendation for a trial of its bipolar and schizophrenia treatment.
The stock fell by 36% to $3.52 in premarket trading. Shares had already fallen by about three quarters year-to-date when the market closed Monday.
The biopharmaceutical company posted a loss of $50.5 million, or $1.72 a share, compared with $41.8 million, or $1.49 a share, in the same quarter a year ago. Analysts surveyed by FactSet had been expecting a loss of $1.27 a share.
Revenue of $341,000 missed analyst projections for $600,000, according to FactSet.
The New Haven, Conn.-based company said earlier Tuesday that it is aligned with the U.S. Food and Drug Administration’s recommendation for the Phase 3 trial of Igalmi as a treatment of agitation in bipolar disorders or schizophrenia to be conducted in the at-home setting.