Selected stock price target news of the day - August 15, 2023

By: Matthew Otto

IonQ and Zapata AI Forge Alliance to Propel Quantum-Enhanced Generative AI Solutions

IonQ has forged a strategic alliance with Zapata AI. This partnership signifies an expansion of their existing quantum collaboration, with an emphasis on advancing generative AI techniques through the capabilities of quantum hardware. With a shared commitment to innovation, IonQ and Zapata are primed to new dimensions of quantum computing’s potential, particularly in addressing intricate real-world business complexities.

This alliance is centered on IonQ’s expertise as an industry leader in quantum computing. The collaboration seeks to synergize the computational prowess of IonQ’s quantum scientists and advanced computation technology with Zapata’s proficiency in application development. Rima Alameddine, IonQ’s Chief Revenue Officer, underlines the significance of this endeavor in smoothing the onramp to quantum computing, rendering it more accessible and less daunting for enterprises seeking to harness its transformative capabilities.

Analysts Bullish on IonQ with Raised Price Targets Amid Optimistic Outlook

Morgan Stanley analyst Scott Fessler maintained an Equal-Weight rating and raised the price target from $7 to $16.
Goldman Sachs analyst Toshiya Hari reiterated a Neutral stance and raised the price target to $14 from $9.
Benchmark analyst David Williams maintained a Buy rating and increased the price target to $20 from $17.

Analyst Richard Shannon (CRAIG HALLUM) currently has the highest performing score on IONQ with 2/3 (66.67%) price target fulfillment ratio. His price targets carry an average of $3.73 (47.46%) potential upside. IONQ stock price reaches these price targets on average within 207 days.

Monday.com’s Q2 2023 Financial Report Highlights Revenue Growth and Positive Cash Flow

In its Second Quarter Fiscal Year 2023 Earnings Conference Call, Monday.com unveiled its financial performance marked by revenue growth and positive cash flow. The company reported a 42% year-over-year increase in total revenue, reaching $175.7 million, against the consensus estimate of $169.24 million. Excluding the impact of foreign exchange, revenue grew by 43%. This growth was attributed to steady demand for the monday.com Work OS platform and its suite of products.

One key highlight was the net income of $21 million, showcasing a turnaround from the previous year’s loss of $14.9 million in the same quarter. Diluted net income per share based on 51.2 million fully diluted shares outstanding stood at $0.41, better than the analyst estimate of $0.17. The financial momentum was further underscored by the company’s free cash flow, which amounted to $45.9 million, with a free cash flow margin of 26%.

Looking ahead, monday.com provided an updated outlook for the remainder of fiscal year 2023. For the third quarter, the company anticipates revenue to range from $181 million to $183 million, representing a growth of 32% to 34% year-over-year. Moreover, the full-year revenue forecast has been adjusted to range between $713 million and $717 million, indicating a growth rate of 37% to 38% compared to the previous year. The company remains focused on maintaining its positive free cash flow trajectory and expects to achieve its third consecutive year of being free cash flow positive.

Analysts Raise Price Targets for Monday.com Amid Positive Ratings

TD Cowen analyst J. Derrick Wood maintained an Outperform rating and raised the price target from $215 to $220.
Jefferies analyst Brent Thill reiterated a Hold rating and increased the price target from $150 to $180.
Needham analyst Scott Berg reiterated a Buy rating and a $230 price target.
Keybanc analyst Jason Celino maintained an Overweight rating and increased the price target from $200 to $211.
Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and raised the price target from $200 to $215.

Analyst Steve Enders (CITI) currently has the highest performing score on MNDY with 4/5 (80%) price target fulfillment ratio. His price targets carry an average of $32.74 (27.00%) potential upside. Monday.com stock price reaches these price targets on average within 87 days.

BioXcel Second Quarter 2023 Financial Results Amid Strategic Reprioritization

BioXcel Therapeutics has announced its second quarter 2023 financial results against the backdrop of a comprehensive strategic reprioritization plan in order to improve future prospects.

For the second quarter of 2023, BioXcel Therapeutics reported net revenue of approximately $457,000 from its approved drug IGALMI, versus the consensus estimate of $420,560. The company’s research and development (R&D) expenses for the same period were $27 million, reflecting increased clinical trial costs for the ongoing SERENITY III and TRANQUILITY II programs. Selling, general, and administrative expenses amounted to $25.9 million, mainly attributed to increased personnel and related costs to support the commercialization of IGALMI.

The company’s announced a strategic reprioritization involves shifting its commercial focus from the institutional setting to the retail pharmacy and outpatient market for IGALMI. Additionally, BioXcel Therapeutics is channeling its development efforts towards addressing unmet medical needs in agitation associated with bipolar disorders, schizophrenia, and Alzheimer’s dementia.

BioXcel Receives Mixed Analyst Ratings with Revised Price Targets

Goldman Sachs analyst Corinne Jenkins maintained a Neutral rating and lowered the price target from $12 to $4.
Mizuho analyst Graig Suvannavejh downgraded from Buy to Neutral and the price target from $40 to $4.
Truist Securities analyst Robyn Karnauskas reiterated a Buy rating and decreased the price target from $71 to $31.
Canaccord Genuity analyst Sumant Kulkarni maintained a Buy rating and lowered the price target from $75 to $20.

Analyst Corinne Jenkins (GOLDMAN) currently has the highest performing score on BTAI with 3/4 (75%) price target fulfillment ratio. Her price targets carry an average of $-1.38 (-2.62%) potential downside. BioXcel Therapeutics stock price reaches these price targets on average within 87 days