Bright Minds Biosciences slips after increased $175 mln stock sale

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