HC Wainwright Raises Bright Minds Biosciences (NASDAQ:DRUG) Price Target to $145.00

Bright Minds Biosciences (NASDAQ:DRUG) had its price target upped by research analysts at HC Wainwright from $115.00 to $145.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 86.38% from the company’s current price.

Several 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 report on Saturday, February 28th. BTIG Research reaffirmed a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a report on Tuesday, February 17th. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Finally, Chardan Capital restated a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Bright Minds Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $124.50.

Bright Minds Biosciences Stock Down 1.9%

DRUG stock opened at $77.80 on Wednesday. The stock’s 50 day moving average is $82.97 and its two-hundred day moving average is $67.66. The company has a market capitalization of $756.99 million, a PE ratio of -40.31 and a beta of -6.04. Bright Minds Biosciences has a 52-week low of $23.17 and a 52-week high of $123.75.

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

Institutional Investors Weigh In On Bright Minds Biosciences

Hedge funds have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey bought a new position in Bright Minds Biosciences in the 2nd quarter worth approximately $28,000. Royal Bank of Canada increased its stake in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after buying an additional 372 shares during the period. JPMorgan Chase & Co. raised its position 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 buying an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth about $58,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth approximately $66,000. Institutional investors own 40.52% of the company’s stock.

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.