Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $124.50.

Several brokerages have weighed in on DRUG. Chardan Capital restated a “buy” rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Robert W. Baird set a $126.00 price objective on Bright Minds Biosciences in a research report on Friday, February 13th. Finally, HC Wainwright boosted their target price on Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th.

Bright Minds Biosciences Stock Performance

Shares of Bright Minds Biosciences stock opened at $70.10 on Friday. The company has a market capitalization of $682.07 million, a PE ratio of -36.32 and a beta of -6.04. The company has a 50-day simple moving average of $79.18 and a two-hundred day simple moving average of $71.13. Bright Minds Biosciences has a one year low of $23.17 and a one year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28. On average, equities 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

A number of large investors have recently modified their holdings of DRUG. Virtu Financial LLC acquired a new position in shares of Bright Minds Biosciences during the fourth quarter valued at about $226,000. Invesco Ltd. acquired a new stake in Bright Minds Biosciences in the 4th quarter worth approximately $328,000. Ikarian Capital LLC boosted its stake in Bright Minds Biosciences by 933.1% in the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock worth $12,441,000 after purchasing an additional 143,990 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Bright Minds Biosciences during the 4th quarter worth approximately $1,068,000. Finally, Millennium Management LLC grew its position in Bright Minds Biosciences by 153.6% during the 4th quarter. Millennium Management LLC now owns 194,437 shares of the company’s stock worth $15,174,000 after purchasing an additional 117,756 shares during the last quarter. 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.