Bright Minds Biosciences: Buy Rating Reiterated on BMB-101’s Potential Best-in-Class Profile and Multi-Billion-Dollar Peak Sales Opportunity

In a report released today, Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Bright Minds Biosciences, with a price target of $115.00.

Patrick Trucchio has given his Buy rating due to a combination of factors that underscore both near-term catalysts and long-term value potential for Bright Minds Biosciences. He highlights that the upcoming top-line readout from the Phase 2 BREAKTHROUGH trial of BMB-101 in rare epilepsies, expected in early January 2026, could serve as a major value inflection point for the company. In addition, the launch of the NOVA Phase 2a study in Prader-Willi Syndrome broadens the company’s clinical reach and offers a new avenue to validate its 5-HT2C agonist platform in an area with considerable unmet medical need. Trucchio also points to the company’s reported cash position and access to additional capital through an ATM facility as providing sufficient runway to fund planned operations and key milestones over at least the next year to year and a half, supporting continued pipeline execution.
He emphasizes that BMB-101’s mechanistic and pharmacokinetic features could confer a best-in-class profile within the serotonergic epilepsy treatment space. The drug’s G-protein–biased 5-HT2C agonism is designed to limit beta-arrestin engagement and reduce the potential for tolerance, while its twice-daily dosing, linear pharmacokinetics across a broad dose range, and favorable food effect contribute to a differentiated clinical profile supported by clean Phase 1 safety data. Trucchio notes that if BMB-101 can deliver seizure reductions comparable to those reported for bexicaserin in a challenging developmental and epileptic encephalopathy population, it would strongly justify advancement into a Phase 2/3 program targeted for 2026. Based on his financial modeling, he sees substantial commercial upside, with BMB-101 capable of exceeding $1 billion in peak annual sales in absence epilepsy and over $2 billion in developmental and epileptic encephalopathies on an unadjusted basis, leading him to reiterate a Buy recommendation on the stock.