Bright Minds Biosciences (NASDAQ:DRUG) Now Covered by Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report released on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $145.00 price objective on the stock.

A number of other equities analysts also recently issued reports on DRUG. BTIG Research reaffirmed a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. HC Wainwright upped their price target on Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Chardan Capital reaffirmed a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a report on Friday, January 2nd. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a report on Friday, February 13th. Finally, Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $128.60.

Bright Minds Biosciences Stock Performance

Shares of Bright Minds Biosciences stock opened at $85.18 on Monday. Bright Minds Biosciences has a one year low of $23.17 and a one year high of $123.75. The company has a market cap of $828.80 million, a PE ratio of -44.13 and a beta of -5.34. The business has a 50-day simple moving average of $77.59 and a 200-day simple moving average of $73.66.

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

Institutional Investors Weigh In On Bright Minds Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in Bright Minds Biosciences by 240.0% in the fourth 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 last quarter. JPMorgan Chase & Co. lifted its stake 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 buying an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Bright Minds Biosciences in the third quarter valued at approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bright Minds Biosciences in the second quarter valued at approximately $66,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Bright Minds Biosciences in the third quarter valued at approximately $73,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

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.