Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have been assigned an average rating of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $143.8333.

A number of research analysts have issued reports on the stock. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. BTIG Research restated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a report on Friday, February 13th. Piper Sandler restated an “overweight” rating and issued a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday. Finally, HC Wainwright upped their target price on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, March 4th.

Bright Minds Biosciences Trading Up 0.6%

Shares of NASDAQ DRUG opened at $83.24 on Friday. The stock has a market cap of $809.93 million, a price-to-earnings ratio of -34.11 and a beta of -5.35. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $123.75. The company’s 50-day moving average price is $80.45 and its 200 day moving average price is $78.48.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.26. As a group, research analysts expect that Bright Minds Biosciences will post -5.3 earnings per share for the current year.

Insider Transactions at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total value of $9,785,124.50. Following the transaction, the insider directly owned 950,000 shares in the company, valued at approximately $85,025,000. This represents a 10.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after purchasing an additional 372 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Bright Minds Biosciences during the 3rd quarter worth about $58,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Bright Minds Biosciences during the 3rd quarter worth about $73,000. JPMorgan Chase & Co. lifted its holdings in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Bright Minds Biosciences during the 2nd quarter worth about $66,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

Bright Minds Biosciences Company Profile

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.