Patrick Trucchio, an analyst from H.C. Wainwright, reiterated the Buy rating on Bright Minds Biosciences (DRUG – Research Report). The associated price target remains the same with $85.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors, primarily focusing on the promising potential of BMB-101, a selective 5-HT2C agonist developed by Bright Minds Biosciences. The upcoming Phase 2 BREAKTHROUGH trial results, expected in the second quarter of 2025, are anticipated to significantly de-risk the program, especially given the unmet need in treating developmental and epileptic encephalopathies and absence epilepsy.
Trucchio highlights the company’s strong cash position, which supports ongoing operations and development activities for at least the next 12 months, as well as the differentiated pharmacological profile of BMB-101, which may offer advantages over competitors in the serotonergic epilepsy treatment space. The mechanism of BMB-101, which avoids beta-arrestin activation, could mitigate common issues like receptor desensitization, potentially making it a best-in-class therapy. Additionally, the potential for once- or twice-daily dosing offers a competitive edge over other treatments requiring more frequent administration, further bolstering its market potential.
Trucchio covers the Healthcare sector, focusing on stocks such as Arrowhead Pharmaceuticals, Sangamo Biosciences, and Cybin. According to TipRanks, Trucchio has an average return of 0.1% and a 34.43% success rate on recommended stocks.
In another report released on February 14, Piper Sandler also initiated coverage with a Buy rating on the stock with a $93.00 price target.