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

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have received an average rating of “Buy” from the eight brokerages that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $82.50.

DRUG has been the topic of several recent research reports. Chardan Capital raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Wednesday, November 19th. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Friday, October 3rd. Finally, BTIG Research began coverage on Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 price target for the company.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently modified their holdings of the company. Braidwell LP acquired a new position in shares of Bright Minds Biosciences during the third quarter valued at about $18,422,000. Vivo Capital LLC increased its stake in Bright Minds Biosciences by 99.4% during the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after acquiring an additional 250,045 shares during the period. Balyasny Asset Management L.P. acquired a new position in Bright Minds Biosciences in the 3rd quarter valued at approximately $11,339,000. Millennium Management LLC lifted its position in shares of Bright Minds Biosciences by 376.9% in the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after acquiring an additional 152,178 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Bright Minds Biosciences by 50.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after purchasing an additional 67,500 shares in the last quarter. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Price Performance

DRUG opened at $88.83 on Thursday. The company has a market capitalization of $691.95 million, a PE ratio of -95.51 and a beta of -6.22. Bright Minds Biosciences has a fifty-two week low of $23.17 and a fifty-two week high of $97.75. The business has a 50-day moving average of $65.84 and a 200-day moving average of $47.14.

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.