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

BTIG Research reiterated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report report published on Monday,Benzinga reports. The brokerage currently has a $147.00 price target on the stock.

Other analysts also recently issued research reports about the stock. HC Wainwright boosted their target price on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. Wall Street Zen upgraded shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Robert W. Baird set a $126.00 price objective on shares of Bright Minds Biosciences in a report on Friday, February 13th. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Finally, 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. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $124.50.

Bright Minds Biosciences Stock Performance

Bright Minds Biosciences stock opened at $68.45 on Monday. The stock has a market cap of $666.02 million, a PE ratio of -35.47 and a beta of -6.03. The stock has a 50-day moving average of $78.79 and a two-hundred day moving average of $71.68. 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 results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28. As a group, sell-side analysts predict 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 modified their holdings of the company. Millennium Management LLC grew its holdings in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares during the period. Goldman Sachs Group Inc. purchased a new position in Bright Minds Biosciences during the first quarter worth about $802,000. Geode Capital Management LLC acquired a new position in Bright Minds Biosciences in the 2nd quarter valued at about $1,502,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at approximately $28,000. Finally, JPMorgan Chase & Co. increased 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 buying an additional 1,873 shares during the last quarter. Institutional investors and hedge funds 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.