Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives Consensus Rating of “Buy” from Brokerages

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has earned a consensus rating of “Buy” from the seven ratings firms that are covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $143.8333.

Several research analysts have recently weighed in on DRUG shares. Jefferies Financial Group started coverage on Bright Minds Biosciences in a research note on Monday, April 13th. They issued a “buy” rating and a $145.00 price target for the company. Piper Sandler reiterated an “overweight” rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. HC Wainwright reissued a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Finally, Wall Street Zen upgraded shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th.

Bright Minds Biosciences Stock Up 5.0%

Shares of DRUG opened at $74.63 on Friday. Bright Minds Biosciences has a twelve month low of $31.80 and a twelve month high of $123.75. The company has a market capitalization of $726.15 million, a P/E ratio of -30.59 and a beta of -5.34. The firm has a 50 day moving average of $71.39 and a 200 day moving average of $77.86.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.06. On average, sell-side analysts expect that Bright Minds Biosciences will post -4.86 EPS for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRUG. Royal Bank of Canada raised its stake in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after buying an additional 372 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Bright Minds Biosciences by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after buying an additional 861 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Bright Minds Biosciences in the 3rd quarter worth $58,000. Strs Ohio boosted its stake in shares of Bright Minds Biosciences by 200.0% in the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after buying an additional 1,800 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Bright Minds Biosciences by 624.3% in the second 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. Hedge funds and other institutional investors own 40.52% of the company’s stock.

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.