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

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned an average recommendation of “Buy” from the seven analysts that are covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $143.8333.

DRUG has been the subject of a number of research reports. Zacks Research raised shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Jefferies Financial Group assumed coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They set a “buy” rating and a $145.00 price target on the stock. Piper Sandler restated an “overweight” rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a report on Monday, June 1st. Finally, Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th.

Bright Minds Biosciences Stock Up 5.0%

NASDAQ DRUG opened at $74.63 on Friday. Bright Minds Biosciences has a 52 week low of $31.80 and a 52 week high of $123.75. The firm has a market capitalization of $726.15 million, a P/E ratio of -30.59 and a beta of -5.34. The company has a 50-day moving average price of $71.39 and a 200-day moving average price of $77.86.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. As a group, equities research analysts anticipate that Bright Minds Biosciences will post -4.86 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its stake in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after acquiring an additional 372 shares during the period. Russell Investments Group Ltd. bought a new stake in Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. JPMorgan Chase & Co. raised its stake in Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bright Minds Biosciences during the second quarter valued at approximately $66,000. Finally, Strs Ohio lifted its holdings in Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after purchasing an additional 1,800 shares in the last quarter. 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.