Jan. 23 at 1:38 PM
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."
