Bright Minds Biosciences (NASDAQ:DRUG) Given “Buy” Rating at BTIG Research

BTIG Research restated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research note issued to investors on Tuesday,Benzinga reports. BTIG Research currently has a $147.00 price target on the stock.

A number of other research firms have also weighed in on DRUG. Chardan Capital reissued a “buy” rating and set a $80.00 target price on shares of Bright Minds Biosciences in a report on Friday, January 2nd. HC Wainwright reissued a “buy” rating and issued a $115.00 price objective on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a research report on Friday. Finally, Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG opened at $83.91 on Tuesday. The company has a market capitalization of $816.44 million, a P/E ratio of -43.48 and a beta of -6.18. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $123.75. The business’s 50 day simple moving average is $83.35 and its 200 day simple moving average is $64.23.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28. On average, sell-side analysts anticipate that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sio Capital Management LLC boosted its holdings in Bright Minds Biosciences by 0.9% during the 2nd quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock worth $13,377,000 after acquiring an additional 4,776 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Bright Minds Biosciences during the 2nd quarter valued at approximately $28,000. AdvisorShares Investments LLC grew its holdings in Bright Minds Biosciences by 28.4% during the second 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 during the period. JPMorgan Chase & Co. increased its holdings in Bright Minds Biosciences by 142.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,265 shares of the company’s stock worth $319,000 after acquiring an additional 3,092 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Bright Minds Biosciences in the second quarter worth about $66,000. 40.52% of the stock is owned by institutional investors.

About Bright Minds Biosciences

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.