Bright Minds Biosciences slips after increased $175 mln stock sale

Toronto-Dominion Bank

08/01/2026 14:14

** U.S.-listed shares of Bright Minds Biosciences DRUG.O down 3% before the bell to $93.09 after $175 mln follow-on priced

    ** Canadian biotech co late Weds sold ~1.9 mln shares at $90, a 6.2% discount to last sale

    ** DRUG shares finished up 3% at $95.99 on Weds after co launched $100 mln offering late Tues

    ** Shares on Tues surged after co early in the day announced positive Phase 2 trial results for BMB-101 in epilepsy patients

    ** Co plans to use net offering proceeds to fund future clinical trials for its drug candidates, including for absence seizures, Developmental and Encephalopathic Epilepsies (DEE), and Prader-Willi Syndrome, among other uses

    ** Jefferies, TD Cowen, Piper Sandler & Co., and Cantor Fitzgerald are joint bookrunners

** Through Weds, U.S.-listed shares up 23% to begin 2026 and have more than tripled over the past six months

    ** All 6 analysts are bullish on the shares; their median PT is $142, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))