Bright Minds Biosciences (NASDAQ:DRUG) Receives “Buy” Rating from HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $145.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 71.03% from the stock’s previous close.

A number of other research analysts have also issued reports on DRUG. Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Wall Street Zen raised shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. BTIG Research reaffirmed a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday. Finally, Piper Sandler reiterated an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $143.83.

Bright Minds Biosciences Price Performance

DRUG stock traded up $0.74 during trading on Wednesday, reaching $84.78. 47,971 shares of the company were exchanged, compared to its average volume of 228,660. The company has a 50-day moving average of $71.30 and a two-hundred day moving average of $77.09. The company has a market capitalization of $825.09 million, a price-to-earnings ratio of -40.67 and a beta of -5.27. Bright Minds Biosciences has a twelve month low of $38.00 and a twelve month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings results on Monday, August 17th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($1.23) by $1.06. On average, analysts forecast that Bright Minds Biosciences will post -4.86 EPS for the current year.

Institutional Trading of Bright Minds Biosciences

Several hedge funds have recently modified their holdings of the stock. Millennium Management LLC increased its stake in 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 in the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of Bright Minds Biosciences in the 1st quarter valued at about $802,000. Geode Capital Management LLC bought a new stake in Bright Minds Biosciences in the 2nd quarter valued at about $1,502,000. JPMorgan Chase & Co. increased its position 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 buying an additional 1,873 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Bright Minds Biosciences during the 2nd quarter worth approximately $107,000. 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.