Analysts Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) PT at $81.00

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have been assigned an average recommendation of “Buy” from the ten ratings firms that are currently covering the company, MarketBeat reports. Eight research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $81.00.

A number of research firms have recently commented on DRUG. Zacks Research raised shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. HC Wainwright reissued a “buy” rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research report on Monday, September 15th. BTIG Research started coverage on shares of Bright Minds Biosciences in a report on Monday, September 8th. They issued a “buy” rating and a $72.00 price target on the stock. Finally, Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Friday, October 3rd.

Bright Minds Biosciences Trading Up 0.5%

NASDAQ DRUG opened at $54.75 on Wednesday. The company’s fifty day simple moving average is $52.83 and its 200-day simple moving average is $38.65. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $70.23. The stock has a market cap of $385.44 million, a P/E ratio of -58.87 and a beta of -6.17.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its 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. On average, research analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. acquired a new stake in Bright Minds Biosciences in the first quarter valued at $802,000. Adage Capital Partners GP L.L.C. raised its holdings in Bright Minds Biosciences by 50.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock valued at $7,214,000 after acquiring an additional 67,500 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in Bright Minds Biosciences in the first quarter valued at $505,000. AdvisorShares Investments LLC raised its holdings in Bright Minds Biosciences by 28.4% in the second quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock valued at $378,000 after acquiring an additional 3,200 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Bright Minds Biosciences by 624.3% in 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 in the last quarter. 40.52% of the stock is owned by institutional investors and hedge funds.

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.