Analysts Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) Price Target at $121.00

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have received a consensus rating of “Moderate Buy” from the six research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $121.00.

DRUG has been the subject of several research reports. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. HC Wainwright reiterated a “buy” rating and issued a $115.00 target price on shares of Bright Minds Biosciences in a report on Tuesday, December 30th. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Finally, Chardan Capital reiterated a “buy” rating and set a $80.00 target price on shares of Bright Minds Biosciences in a report on Friday, January 2nd.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently made changes to their positions in DRUG. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Bright Minds Biosciences in the 2nd quarter valued at $28,000. JPMorgan Chase & Co. increased its holdings in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Bright Minds Biosciences in the third quarter valued at about $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bright Minds Biosciences in the second quarter valued at about $66,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bright Minds Biosciences during the third quarter worth about $73,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Price Performance

DRUG opened at $75.97 on Friday. Bright Minds Biosciences has a 12 month low of $23.17 and a 12 month high of $123.75. The business has a 50-day moving average of $82.91 and a two-hundred day moving average of $62.04. The stock has a market capitalization of $739.19 million, a price-to-earnings ratio of -62.27 and a beta of -6.17.

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.