Investment bank HC Wainwright has upgraded Bionomics (NASDAQ:BNOX) to a buy rating following the positive results from the Phase 2 trial of its drug candidate BNC210 for the treatment of post-traumatic stress disorder (PTSD). The bank believes that the strength of the data removes a significant overhang on the stock and has the potential to present physicians and patients with use potential in both acute and chronic settings. This is particularly significant as no new therapy has been approved for PTSD in about 20 years. HC Wainwright has set a price target for Bionomics at $8.
Bionomics announced the positive results from its Phase 2 trial, causing its stock to soar 244% to reach $3.37. The trial’s positive outcome has been the impetus for HC Wainwright’s upgrade to a buy rating. The investment bank sees potential in BNC210 to address the unmet needs of patients suffering from PTSD, a condition that has not seen any new treatment approved in decades. HC Wainwright believes that the drug has the possibility of receiving FDA breakthrough therapy designation. This upgrade in stock rating and optimistic outlook from the investment bank is good news for Bionomics and its investors.
The positive Phase 2 data for Bionomics’ drug candidate BNC210 in the treatment of PTSD has led to upgraded stock ratings and increased optimism. HC Wainwright, in particular, has upgraded the stock to buy, citing the strength of the data and its potential to address the unmet needs of both acute and chronic patients. The investment bank believes that the drug has the potential to receive FDA breakthrough therapy designation, which would be a significant milestone for treating PTSD. With a price target set at $8, Bionomics’ stock has already experienced a significant increase following the announcement of the trial’s positive results.