Bright Minds Biosciences (DRUG) Projected to Post Quarterly Earnings on Monday

Bright Minds Biosciences (NASDAQ:DRUG) will likely be issuing its results before the market opens on Monday, December 29th. Analysts expect the company to announce earnings of ($1.2050) per share for the quarter.

Bright Minds Biosciences Price Performance

DRUG opened at $84.79 on Thursday. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $97.75. The company has a market capitalization of $660.51 million, a price-to-earnings ratio of -91.17 and a beta of -6.22. The firm’s fifty day moving average price is $67.62 and its two-hundred day moving average price is $49.08.

Analysts Set New Price Targets

Several research firms recently weighed in on DRUG. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. HC Wainwright restated a “buy” rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research note on Monday, September 15th. Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. BTIG Research started coverage on Bright Minds Biosciences in a report on Monday, September 8th. They set a “buy” rating and a $72.00 price target on the stock. Finally, Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $82.50.

Institutional Trading of Bright Minds Biosciences

Hedge funds have recently made changes to their positions in the company. Millennium Management LLC grew its holdings in Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after buying an additional 152,178 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Bright Minds Biosciences in the first quarter valued at approximately $802,000. Geode Capital Management LLC bought a new position in shares of Bright Minds Biosciences in the second quarter valued at approximately $1,502,000. JPMorgan Chase & Co. grew its stake in 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 acquiring an additional 1,873 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new stake in Bright Minds Biosciences during the 2nd quarter worth approximately $107,000. 40.52% of the stock is currently owned by institutional investors.

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.