Brokerages Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) PT at $143.83

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has received an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $143.8333.

A number of research firms recently commented on DRUG. Piper Sandler reaffirmed an “overweight” rating and issued a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. BTIG Research reissued a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. Wall Street Zen upgraded shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. HC Wainwright reiterated a “buy” rating and set a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Finally, Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They issued a “buy” rating and a $145.00 price objective on the stock.

Insider Buying and Selling at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the completion of the sale, the insider directly owned 950,000 shares in the company, valued at $85,025,000. This represents a 10.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 42.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its position in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after acquiring an additional 372 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Bright Minds Biosciences by 624.3% during the second 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. bought a new stake in shares of Bright Minds Biosciences during the third quarter worth about $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bright Minds Biosciences in the second quarter valued at approximately $66,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Bright Minds Biosciences in the 3rd quarter valued at approximately $73,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG opened at $77.84 on Monday. The business’s 50 day simple moving average is $73.95 and its 200 day simple moving average is $78.84. Bright Minds Biosciences has a 1 year low of $24.00 and a 1 year high of $123.75. The company has a market capitalization of $757.38 million, a P/E ratio of -31.90 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.06. On average, sell-side analysts anticipate that Bright Minds Biosciences will post -4.9 EPS 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.