In a report released today, Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Bright Minds Biosciences, with a price target of $85.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors that highlight Bright Minds Biosciences’ strategic advancements and potential in the field of serotonergic therapies. The company is expanding its clinical focus by initiating a new program targeting Prader-Willi syndrome (PWS) with its candidate BMB-105, which builds on its existing expertise in 5-HT2C agonism beyond epilepsy. This strategic move is seen as a significant step in broadening their platform to address metabolic and neurobehavioral diseases, which are areas with substantial unmet medical needs.
Additionally, the launch of the Phase 2a NOVA study for BMB-101 in PWS patients is expected to validate the efficacy and safety of 5-HT2C receptor activation, potentially de-risking the development of BMB-105. This trial aims to demonstrate the impact on hyperphagia and neurobehavioral symptoms, which are key challenges in PWS. The company’s approach is supported by strong mechanistic rationale and early safety validation, positioning Bright Minds as a leader in developing first-in-class therapies for underserved neurological and psychiatric conditions. These factors underpin Trucchio’s confidence in reiterating a Buy rating and an $85 price target for the stock.