Baird initiated coverage of Bright Minds Biosciences (DRUG) with an Outperform rating and $75 price target. Lead agent BMB-101 is entering Phase 2 development for the treatment of Developmental Epileptic Encephalopathy, or DEE, and Absence Epilepsy, notes the analyst, who views the recently announced acquisition of Longboard Pharmaceuticals (LBPH) for an enterprise value of $2.5B as having “favorable readthrough” for Bright Minds as the firm believes BMB-101 has the potential to have a relatively similar profile to bexicaserin.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
