BioXcel Therapeutics Inc. (NASDAQ:BTAI) shares are down on Friday.

The stock rallied on Thursday after the company shared positive news regarding its drug development.

• BioXcel Therapeutics shares are retreating from recent levels. What’s behind BTAI decline?

BXCL501 Shows Promise in Opioid Withdrawal

The stock’s movement follows the release of positive topline results from a Phase 2 study evaluating BXCL501 for treating opioid withdrawal symptoms.

The trial, led by Columbia University, indicated that BXCL501 may be as effective as or superior to BioCorRx Pharmaceuticals Inc.’s lofexidine for reducing withdrawal symptoms, showcasing a favorable tolerability profile.

In the study, patients receiving BXCL501 experienced over a 30% reduction in withdrawal symptoms compared to a placebo, with significant improvements observed on days three and four.

The data reinforce BXCL501's potential as a versatile treatment option, suggesting applicability across multiple indications, including acute agitation associated with bipolar disorder and schizophrenia.

BTAI Struggles Below Key SMAs

The stock is currently trading 3.9% below its 20-day simple moving average (SMA) and 17.9% below its 100-day SMA, indicating a struggle to gain traction in the short to medium term.

Shares have decreased approximately 41.24% over the past 12 months and are currently positioned closer to their 52-week lows than highs.

The RSI is at 46.86, which is considered neutral territory, suggesting the stock is neither overbought nor oversold.

Meanwhile, MACD is at -0.0166, above its signal line at -0.0272, indicating bullish momentum despite the overall bearish trend.

BTAI Price Action: BioXcel Therapeutics shares were down 5.89% at $1.52 at publication on Friday, according to Benzinga Pro data.

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