Bright Minds Biosciences (NASDAQ:DRUG) Receives Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research note issued to investors on Monday,Benzinga reports. HC Wainwright currently has a $85.00 price target on the stock.

A number of other brokerages have also recently commented on DRUG. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. BTIG Research assumed coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They issued a “buy” rating and a $72.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research note on Wednesday, July 2nd. Finally, Chardan Capital reissued a “buy” rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, May 21st. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $81.00.

Bright Minds Biosciences Stock Performance

DRUG opened at $48.66 on Monday. The stock has a market capitalization of $342.57 million, a price-to-earnings ratio of -52.32 and a beta of -6.13. The company has a fifty day moving average of $36.88 and a 200 day moving average of $33.07. Bright Minds Biosciences has a fifty-two week low of $0.94 and a fifty-two week high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.06. On average, equities research analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at about $28,000. JPMorgan Chase & Co. raised its holdings in shares of Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at about $66,000. AdvisorShares Investments LLC raised 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 valued at $378,000 after purchasing an additional 3,200 shares in the last quarter. Finally, New York State Common Retirement Fund purchased a new position in shares of Bright Minds Biosciences in the 2nd quarter worth approximately $107,000. Institutional investors own 40.52% of the company’s stock.

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.