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 the promising development of Bright Minds Biosciences’ BMB-101. The management has highlighted the unique design and differentiation of BMB-101 as a G-protein–biased 5-HT agonist, which is engineered to maintain efficacy and minimize the risk of tolerance compared to traditional serotonergic drugs. Phase 1 data has shown favorable pharmacokinetics and central target engagement, supporting its potential effectiveness.
Furthermore, the ongoing Phase 2 trial, BREAKTHROUGH, is on track to deliver key data in the second half of 2025, which could significantly de-risk the program and facilitate progression to Phase 3. The trial’s design includes robust endpoints such as EEG measures and seizure diaries, which are expected to provide reliable insights into the drug’s efficacy and safety. Additionally, the company’s pipeline expansion with BMB-202 for depression indicates a strategic approach to broadening their impact in neurology and psychiatry, further supporting the Buy rating.
In another report released on September 8, BTIG also initiated coverage with a Buy rating on the stock with a $72.00 price target.