Bright Minds Biosciences’ (DRUG) Buy Rating Reaffirmed at BTIG Research

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reiterated by equities research analysts at BTIG Research in a report released on Tuesday,Benzinga reports. They presently have a $147.00 price target on the stock. BTIG Research’s price objective suggests a potential upside of 88.70% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Robert W. Baird set a $126.00 price objective on shares of Bright Minds Biosciences in a research note on Friday. Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Finally, Chardan Capital restated a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a report on Friday, January 2nd. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Bright Minds Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Stock Down 3.3%

Shares of Bright Minds Biosciences stock opened at $77.90 on Tuesday. The business has a fifty day simple moving average of $83.22 and a 200 day simple moving average of $63.87. The stock has a market cap of $757.97 million, a PE ratio of -40.36 and a beta of -6.17. Bright Minds Biosciences has a 12 month low of $23.17 and a 12 month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.98) by $0.28. Analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

Several hedge funds have recently made changes to their positions in DRUG. Eventide Asset Management LLC bought a new stake in shares of Bright Minds Biosciences in the fourth quarter worth $8,039,000. Barclays PLC lifted its position in Bright Minds Biosciences by 46.8% during the 4th quarter. Barclays PLC now owns 9,660 shares of the company’s stock worth $754,000 after buying an additional 3,079 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Bright Minds Biosciences during the 4th quarter worth about $359,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Bright Minds Biosciences by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after acquiring an additional 861 shares in the last quarter. Finally, State Street Corp increased its position in shares of Bright Minds Biosciences by 13.0% in the fourth quarter. State Street Corp now owns 77,278 shares of the company’s stock valued at $6,031,000 after acquiring an additional 8,890 shares during the last quarter. 40.52% of the stock is owned by institutional investors.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.