Bright Minds Biosciences Inc. (NASDAQ:DRUG) Stock Has Average Target Price of $143.83

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has earned an average recommendation of “Moderate Buy” from the eleven analysts that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $144.71.

A number of brokerages recently weighed in on DRUG. Benchmark reissued a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Lifesci Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, September 28th. Wolfe Research assumed coverage on shares of Bright Minds Biosciences in a research note on Thursday, October 15th. They set an “outperform” rating and a $150.00 price objective for the company. Finally, Oppenheimer cut shares of Bright Minds Biosciences to a “market perform” rating in a report on Thursday, August 20th.

Bright Minds Biosciences Price Performance

DRUG stock opened at $55.20 on Wednesday. Bright Minds Biosciences has a 12 month low of $47.23 and a 12 month high of $123.75. The firm has a market cap of $537.10 million, a PE ratio of -26.54 and a beta of -5.22. The firm has a 50 day simple moving average of $63.14 and a 200 day simple moving average of $71.97.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.22) by $1.05. As a group, sell-side analysts expect that Bright Minds Biosciences will post -2.93 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of large investors have recently made changes to their positions in the company. Strs Ohio boosted its position in Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after acquiring an additional 1,800 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Bright Minds Biosciences in the 2nd quarter valued at about $380,000. Seven Fleet Capital Management LP acquired a new position in shares of Bright Minds Biosciences in the 1st quarter valued at about $467,000. Sei Investments Co. acquired a new position in shares of Bright Minds Biosciences in the 1st quarter valued at about $816,000. Finally, AdvisorShares Investments LLC lifted its position in shares of Bright Minds Biosciences by 26.8% in the first quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after purchasing an additional 2,669 shares in the last quarter. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.