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

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has received an average rating of “Buy” from the eight research firms that are covering the company, MarketBeat reports. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $83.25.

Several equities research analysts have weighed in on DRUG shares. TD Cowen started coverage on Bright Minds Biosciences in a research note on Tuesday, May 13th. They set a “buy” rating for the company. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Cowen initiated coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They set a “buy” rating for the company. Cantor Fitzgerald upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Tuesday, May 13th. Finally, Chardan Capital reiterated a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a report on Wednesday, May 21st.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of institutional investors have recently modified their holdings of the company. Atika Capital Management LLC bought a new position in Bright Minds Biosciences in the 4th quarter valued at about $540,000. Springhill Fund Asset Management HK Co Ltd purchased a new stake in shares of Bright Minds Biosciences during the 4th quarter worth approximately $2,185,000. Walleye Capital LLC purchased a new stake in shares of Bright Minds Biosciences during the 4th quarter worth approximately $3,717,000. Vivo Capital LLC purchased a new stake in shares of Bright Minds Biosciences during the 4th quarter worth approximately $9,062,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Bright Minds Biosciences during the 4th quarter worth approximately $4,773,000. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Stock Down 6.8%

Shares of NASDAQ:DRUG opened at $26.10 on Thursday. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02. The stock has a market cap of $183.74 million, a PE ratio of -72.50 and a beta of -5.75. The business has a 50 day moving average of $29.93 and a 200-day moving average of $34.07.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.10. Equities research analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.