H.C. Wainwright upgrades Bionomics to Buy after PTSD study win

H.C. Wainwright upgraded Bionomics to Buy from Neutral with an $8 price target. The company this morning announced that TTUNE, the Phase 2b study of BNC210 in post-traumatic stress disorder patients, hit its primary endpoint in CAPS-5 total symptom severity scores between baseline and week 12, the analyst tells investors in a research note. The firm says the clinical action “occurred rapidly, maintaining nice separation between the arms.” It believes BNC201’s profile has the opportunity to present physicians and patients with use potential in both the acute and chronic setting. Breakthrough Therapy designation is also possible now as no new therapy has been approved in about 20 years for PTSD, H.C. Wainwright adds. The firm says the valuation argument for Bionomics “is a compelling one.”