Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives $143.83 Consensus Target Price from Brokerages

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been given an average rating of “Moderate Buy” by the seven research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $143.8333.

Several research firms have weighed in on DRUG. Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. HC Wainwright reissued a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a report on Monday, June 1st. BTIG Research restated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Finally, Jefferies Financial Group initiated coverage on shares of Bright Minds Biosciences in a research report on Monday, April 13th. They set a “buy” rating and a $145.00 price objective for the company.

Insider Activity

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the 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 completion of the transaction, the insider owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. This trade represents a 10.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 42.66% of the company’s stock.

Hedge Funds Weigh In On Bright Minds Biosciences

Several large investors have recently modified their holdings of the stock. Janus Henderson Group PLC raised its holdings in Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after buying an additional 128,329 shares during the period. Vivo Capital LLC boosted its stake in Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after buying an additional 55,555 shares during the period. Braidwell LP increased its position in Bright Minds Biosciences by 6.8% during the fourth quarter. Braidwell LP now owns 324,358 shares of the company’s stock valued at $25,313,000 after acquiring an additional 20,673 shares during the last quarter. MPM Bioimpact LLC purchased a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at $17,961,000. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Bright Minds Biosciences by 20.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 225,412 shares of the company’s stock worth $17,591,000 after acquiring an additional 38,490 shares during the last quarter. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Down 0.5%

DRUG opened at $77.84 on Monday. The company has a market capitalization of $757.38 million, a PE ratio of -31.90 and a beta of -5.34. The firm has a 50-day simple moving average of $73.95 and a two-hundred day simple moving average of $78.87. Bright Minds Biosciences has a 52 week low of $24.00 and a 52 week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.06. As a group, sell-side analysts expect that Bright Minds Biosciences will post -4.9 earnings per share for the current 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.