Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Average Rating of “Buy” by Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned a consensus rating of “Buy” from the nine brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $143.8333.

DRUG has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating and set a $145.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Benchmark reaffirmed a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. Finally, BTIG Research reiterated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, August 17th.

Hedge Funds Weigh In On Bright Minds Biosciences

Several hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System raised its holdings in shares of Bright Minds Biosciences by 1,710.5% in the 2nd quarter. California State Teachers Retirement System now owns 6,880 shares of the company’s stock worth $483,000 after purchasing an additional 6,500 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Bright Minds Biosciences during the second quarter worth approximately $1,046,000. Seven Fleet Capital Management LP bought a new stake in Bright Minds Biosciences during the first quarter worth approximately $467,000. Vivo Capital LLC grew its position in Bright Minds Biosciences by 11.1% in the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after buying an additional 55,555 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Bright Minds Biosciences by 28.8% in the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock worth $1,417,000 after buying an additional 4,347 shares during the last quarter. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Price Performance

Bright Minds Biosciences stock opened at $71.73 on Tuesday. Bright Minds Biosciences has a 12-month low of $38.00 and a 12-month high of $123.75. The stock has a market capitalization of $697.93 million, a PE ratio of -34.49 and a beta of -5.27. The firm has a 50 day simple moving average of $74.21 and a 200-day simple moving average of $77.11.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Monday, August 17th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($1.22) by $1.05. On average, analysts forecast that Bright Minds Biosciences will post -2.93 earnings per share for the current fiscal year.

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.