Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives $81.00 Consensus PT from Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have received a consensus rating of “Buy” from the nine analysts that are currently covering the firm, MarketBeat.com reports. Eight research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $81.00.

A number of brokerages have weighed in on DRUG. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Chardan Capital reaffirmed a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. HC Wainwright reaffirmed a “buy” rating and issued a $85.00 price target on shares of Bright Minds Biosciences in a research report on Tuesday, August 19th. BTIG Research began coverage on Bright Minds Biosciences in a research report on Monday. They issued a “buy” rating and a $72.00 price target for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Wednesday, July 2nd.

Bright Minds Biosciences Stock Up 17.1%

Shares of DRUG opened at $49.38 on Tuesday. The company’s fifty day moving average is $36.04 and its 200-day moving average is $32.90. Bright Minds Biosciences has a 12 month low of $0.94 and a 12 month high of $79.02. The firm has a market cap of $347.64 million, a price-to-earnings ratio of -53.10 and a beta of -6.14.

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

Institutional Trading of Bright Minds Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Bright Minds Biosciences in the second quarter worth about $28,000. JPMorgan Chase & Co. increased its stake in shares of Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after purchasing an additional 1,873 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences in the second quarter worth about $66,000. AdvisorShares Investments LLC increased 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 purchasing an additional 3,200 shares during the period. Finally, New York State Common Retirement Fund bought a new position in shares of Bright Minds Biosciences in the second quarter worth about $107,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

About Bright Minds Biosciences

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.