Analyst Patrick Trucchio of H.C. Wainwright reiterated a Buy rating on Bright Minds Biosciences, retaining the price target of $85.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors including Bright Minds Biosciences’ progress towards a significant milestone in the second half of 2025. The company is advancing with its Phase 2 BREAKTHROUGH trial, which is evaluating BMB-101 for treating absence epilepsy and developmental and epileptic encephalopathies (DEE). This trial is crucial as it targets two rare and drug-resistant epilepsy populations that have limited treatment options.
Trucchio highlights that BMB-101, a first-in-class G-protein–biased 5-HT2C agonist, has the potential to become a best-in-class therapy due to its unique mechanism that may overcome the tolerance issues seen in current treatments. The market opportunity for these conditions is substantial, estimated at $21 billion. Additionally, Bright Minds is financially well-positioned with approximately C$51 million in cash, providing a runway into 2027, which supports their strategic initiatives and potential late-stage development following positive trial results.
According to TipRanks, Trucchio is a 4-star analyst with an average return of 7.6% and a 42.68% success rate. Trucchio covers the Healthcare sector, focusing on stocks such as GH Research, Arrowhead Pharmaceuticals, and Oncolytics Biotech.