H. Lundbeck A/S (HLBBF)

TD Cowen🏁 $DRUG at a Buy rating, said lead asset BMB-101 is a biased 5-HT2C agonist that has the potential to be best in class (BiC) for the treatment of certain refractory seizure disorders. $LBPH - $HLBBF TD Cowen additionally said in its initiation report: "Bright Minds Bio is a biotechnology company developing next generation serotonin (5-HT) modulating drugs for the treatment of seizure, neurologic, and neuropsychiatric disorders. Lead candidate BMB-101 is a highly selective and potent G-protein biased 5-HT2C receptor agonist currently in Ph. Il development for rare and refractory seizure disorders (absence/DEE). Other 5-HT2C agonists have shown impressive anti-seizure activity; however, have limitations on dosing and durability. While development remains, BMB-101 has the potential to overcome these limitations. Our KOLs have highlighted the need for additional and improved ASMs for both absence seizures and DEEs." TD Cowen went on to say:

Chardan🏁 $DRUG Buy-$80, said "Leveraging Serotonin for Treating Epilepsy; Initiate with Buy; PT $80" $LBPH - $HLBBF Chardan said in its initiation report:

H.C. Wainwright, on 2/19, reiterated $DRUG Buy-$85 and said "we view Bright Minds as a differentiated player in the serotonergic epilepsy landscape with BMB-101 positioned as a potential best-in-class therapy pending Phase 2 data in 2Q25." $HLBBF - $LBPH H.C. Wainwright said in its note to investors:

Piper Sandler🏁 $DRUG Overweight-$93, says 'we are initiating coverage on Bright Minds Biosciences with an OW rating and $93 PT.' $LBPH $HLBBF "We believe its lead asset, BMB-101, is a differentiated G-protein biased 5-HT2C agonist positioned to drive sustained efficacy in drug-resistant epilepsies with clean safety. In our view, the recent $2.6B acquisition of Longboard Pharmaceuticals (by H. Lundbeck A/S, not covered) validates the 5-HT2C agonist MoA value proposition with positive bexicaserin Ph1b/2a PACIFIC data driving strategic interest. As such, we see BMB-101 as a more potent 5-HT2C agonist compared to bexicaserin with no ß-arrestin recruitment. Thus, we expect 2H25 topline from open-label Ph2 BREAKTHROUGH in n =~ 20 absence epilepsy or DEE patients to drive share movement and potentially close the ~$2.35B valuation gap in tandem with a growing portfolio of 5-HT assets."

$HLBBF Phase 3 trial w/est Jun completion date NCT05064371: https://www.clinicaltrials.gov/study/NCT05064371 Trial Tracker: https://www.fdatracker.com/trial-tracker/