Bright Minds Biosciences (NASDAQ:DRUG) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a report released on Tuesday,Benzinga reports. They currently have a $85.00 price objective on the stock.

Several other equities analysts have also recently commented on the stock. Chardan Capital reiterated a “buy” rating and set a $80.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, May 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Wednesday, July 2nd. Cowen assumed coverage on shares of Bright Minds Biosciences in a research note on Tuesday, May 13th. They issued a “buy” rating for the company. TD Cowen initiated coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a “buy” rating on the stock. Finally, Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $83.25.

Bright Minds Biosciences Stock Down 6.4%

DRUG opened at $42.63 on Tuesday. The firm has a market capitalization of $300.12 million, a P/E ratio of -45.84 and a beta of -6.07. The stock’s 50 day moving average price is $30.79 and its two-hundred day moving average price is $32.60. Bright Minds Biosciences has a 12-month low of $0.94 and a 12-month high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.53) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.06. As a group, analysts anticipate that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of hedge funds have recently modified their holdings of DRUG. Police & Firemen s Retirement System of New Jersey acquired a new stake in Bright Minds Biosciences in the 2nd quarter valued at $28,000. JPMorgan Chase & Co. lifted 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at $66,000. AdvisorShares Investments LLC grew its holdings in shares of Bright Minds Biosciences by 28.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock worth $378,000 after purchasing an additional 3,200 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth about $107,000. 40.52% of the stock is owned by institutional investors and hedge funds.

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.