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

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has earned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $121.00.

Several analysts recently issued reports on DRUG shares. Robert W. Baird set a $142.00 price objective on Bright Minds Biosciences in a report on Wednesday, January 7th. Chardan Capital reaffirmed a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Finally, Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, January 10th.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of institutional investors have recently modified their holdings of DRUG. Sio Capital Management LLC grew its holdings in Bright Minds Biosciences by 0.9% in the 2nd quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock valued at $13,377,000 after buying an additional 4,776 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Bright Minds Biosciences in the second quarter valued at approximately $28,000. AdvisorShares Investments LLC grew its stake in shares of Bright Minds Biosciences by 28.4% in the second quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock worth $378,000 after acquiring an additional 3,200 shares during the last quarter. JPMorgan Chase & Co. increased its position in Bright Minds Biosciences by 142.3% during the third quarter. JPMorgan Chase & Co. now owns 5,265 shares of the company’s stock worth $319,000 after acquiring an additional 3,092 shares during the period. Finally, BNP Paribas Financial Markets increased its position in Bright Minds Biosciences by 949.5% during the third quarter. BNP Paribas Financial Markets now owns 4,796 shares of the company’s stock worth $291,000 after acquiring an additional 4,339 shares during the period. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Up 3.4%

DRUG stock opened at $80.57 on Friday. The company has a 50 day moving average of $83.34 and a two-hundred day moving average of $62.85. The company has a market cap of $783.95 million, a price-to-earnings ratio of -66.04 and a beta of -6.18. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75.

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.