Bright Minds Biosciences Inc. (DRUG) PT Raised to $145 at H.C. Wainwright

H.C. Wainwright analyst Pat Trucchio raised the price target on Bright Minds Biosciences Inc. (NASDAQ: DRUG) to $145.00 (from $115.00) while maintaining a Buy rating.

The analyst commented: "On March 3, we caught up with Bright Minds management including CEO Ian McDonald, CSO Jan Torleif Pedersen, and CMO Stephen D. Collins to discuss the BREAKTHROUGH Phase 2 data, released on January 6, as well as the expected development pathway forward and emerging product profile for lead candidate BMB-101, a G-protein–biased 5-HT2C agonist engineered to avoid beta-arrestin recruitment and reduce the risk of tolerance. The BREAKTHROUGH trial evaluated BMB-101 in drug-resistant absence seizures and developmental and epileptic encephalopathies (DEE), meeting primary efficacy endpoints in both cohorts. The DEE cohort demonstrated a 63.3% median reduction in major motor seizures, in line with our high expectations for BMB-101's smooth pharmacokinetics (PK) profile. Furthermore, the absence cohort recorded a 73.1% median reduction (p=0.012), providing a robust signal that exceeds historical benchmarks for serotonergic agents in this setting. While the sample size of 24 patients is small, the consistency and magnitude of the response across both indications significantly increases our confidence in the program’s registrational path. Consequently, we are increasing our Probability of Success (PoS) for the absence epilepsy program to 60% (from 25%), reflecting what we believe is a significant efficacy signal and validation from the trial. As such, we reiterate our Buy rating and increase our price target on DRUG to $145 from $115, reflecting the substantial de-risking of BMB-101 and a potential almost $3.4 billion opportunity in refractory epilepsy, in our view."

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