Bright Minds Biosciences’ (DRUG) “Buy” Rating Reiterated at BTIG Research

BTIG Research reaffirmed their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a report issued on Monday,Benzinga reports. BTIG Research currently has a $147.00 price target on the stock.

Several other research firms also recently weighed in on DRUG. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a research note on Friday, February 13th. Chardan Capital reiterated a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. HC Wainwright increased their target price on Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Finally, Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Bright Minds Biosciences has a consensus rating of “Moderate Buy” and an average price target of $124.50.

Bright Minds Biosciences Price Performance

Shares of NASDAQ DRUG opened at $71.72 on Monday. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $123.75. The firm has a 50-day moving average of $78.30 and a 200 day moving average of $71.85. The stock has a market cap of $697.84 million, a P/E ratio of -37.16 and a beta of -5.32.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28. Research analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of Bright Minds Biosciences in the fourth quarter worth approximately $226,000. Invesco Ltd. bought a new position in Bright Minds Biosciences during the fourth quarter valued at approximately $328,000. Ikarian Capital LLC boosted its holdings in Bright Minds Biosciences by 933.1% in the fourth quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock worth $12,441,000 after purchasing an additional 143,990 shares during the last quarter. Wellington Management Group LLP bought a new stake in Bright Minds Biosciences in the 4th quarter worth approximately $1,068,000. Finally, Millennium Management LLC grew its position in Bright Minds Biosciences by 153.6% in the 4th quarter. Millennium Management LLC now owns 194,437 shares of the company’s stock worth $15,174,000 after purchasing an additional 117,756 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.