Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Consensus Rating of “Buy” by Analysts

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has earned an average recommendation of “Buy” from the nine research firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $143.8333.

A number of equities analysts have issued reports on the company. BTIG Research restated a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, August 17th. Oppenheimer lowered shares of Bright Minds Biosciences to a “market perform” rating in a research note on Thursday. Wall Street Zen upgraded shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Piper Sandler reissued an “overweight” rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Finally, HC Wainwright reissued a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DRUG. Millennium Management LLC raised its stake in Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares during the period. Goldman Sachs Group Inc. acquired a new stake in Bright Minds Biosciences in the first quarter valued at approximately $802,000. Geode Capital Management LLC acquired a new stake in Bright Minds Biosciences in the second quarter valued at approximately $1,502,000. JPMorgan Chase & Co. increased its holdings in shares of Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new stake in shares of Bright Minds Biosciences during the second quarter valued at approximately $107,000. 40.52% of the stock is owned by institutional investors.

Bright Minds Biosciences Stock Performance

DRUG stock opened at $77.03 on Tuesday. The company has a fifty day moving average price of $72.79 and a 200-day moving average price of $77.11. The company has a market capitalization of $749.66 million, a P/E ratio of -37.03 and a beta of -5.27. Bright Minds Biosciences has a 52-week low of $38.00 and a 52-week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Monday, August 17th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.22) by $1.05. As a group, sell-side analysts forecast that Bright Minds Biosciences will post -2.93 earnings per share for the current fiscal year.

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.