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

HC Wainwright reiterated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a report issued on Tuesday,Benzinga reports. The firm currently has a $115.00 price target on the stock.

Several other brokerages have also recently weighed in on DRUG. BTIG Research assumed 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. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. Zacks Research cut Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Chardan Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Wednesday, November 19th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $90.00.

Bright Minds Biosciences Trading Down 2.9%

Bright Minds Biosciences stock opened at $75.85 on Tuesday. Bright Minds Biosciences has a 1-year low of $23.17 and a 1-year high of $97.75. The firm has a market capitalization of $590.87 million, a price-to-earnings ratio of -62.17 and a beta of -6.22. The firm has a 50 day simple moving average of $68.74 and a 200 day simple moving average of $50.70.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DRUG. Russell Investments Group Ltd. bought a new stake in Bright Minds Biosciences during the third quarter valued at approximately $58,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Bright Minds Biosciences during the 2nd quarter valued at $28,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth $73,000. JPMorgan Chase & Co. lifted its holdings in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Bright Minds Biosciences by 48.6% in the third quarter. Bank of America Corp DE now owns 7,037 shares of the company’s stock worth $427,000 after acquiring an additional 2,303 shares in the last quarter. 40.52% of the stock is currently owned by institutional investors.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.