HC Wainwright, an investment bank, has upgraded Bionomics (NASDAQ:BNOX) to a buy rating based on the positive Phase 2 data for its drug candidate BNC210 in treating post-traumatic stress disorder (PTSD). The bank believes that the strength of the data eliminates a significant concern hanging over the stock, prompting the upgrade. Additionally, HC Wainwright stated that BNC210 has the potential to be used in both acute and chronic settings, presenting a promising opportunity for physicians and patients. It also highlighted the possibility of the drug receiving FDA breakthrough therapy designation, as no new therapy for PTSD has been approved in two decades.
The investment bank has set a price target for Bionomics at $8. This decision comes after Bionomics announced positive results from its Phase 2 trial for BNC210. The news caused Bionomics’ stock to soar, closing 244% higher at $3.37. With this upgrade, HC Wainwright is optimistic about the future prospects of Bionomics and the potential market impact of BNC210 in addressing the unmet medical needs of PTSD patients.
The positive Phase 2 data for Bionomics’ drug candidate BNC210 in treating PTSD has caught the attention of market analysts. HC Wainwright’s upgrade from a neutral to a buy rating reflects its confidence in the drug’s potential. The lack of new therapies approved for PTSD in the past 20 years makes BNC210’s prospects even more promising. Furthermore, the significant increase in Bionomics’ stock price following the Phase 2 trial results indicates investor excitement for the drug. As Bionomics moves forward, the successful development of BNC210 could provide a breakthrough in PTSD treatment and potentially lead to significant market success for the company.