Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned a consensus rating of “Moderate Buy” from the nine ratings firms that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $143.8333.

A number of equities research analysts recently commented on the stock. BTIG Research restated a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a report on Monday, August 17th. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. Oppenheimer downgraded Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. Finally, Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG opened at $60.98 on Friday. The stock has a market cap of $593.34 million, a price-to-earnings ratio of -29.32 and a beta of -5.36. The business has a 50 day simple moving average of $73.15 and a 200 day simple moving average of $75.32. Bright Minds Biosciences has a 52-week low of $48.90 and a 52-week high of $123.75.

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

Institutional Investors Weigh In On Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of DRUG. Strs Ohio lifted its stake in Bright Minds Biosciences by 200.0% in the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after acquiring an additional 1,800 shares in the last quarter. AdvisorShares Investments LLC grew its stake in shares of Bright Minds Biosciences by 26.8% during the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after acquiring an additional 2,669 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Bright Minds Biosciences by 32.7% during the 1st quarter. Bank of New York Mellon Corp now owns 13,253 shares of the company’s stock worth $967,000 after acquiring an additional 3,264 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of 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 valued at $1,417,000 after purchasing an additional 4,347 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of Bright Minds Biosciences in the second quarter valued at approximately $380,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapies for neuropsychiatric and neurological disorders. The company’s research centers on selective serotonin receptor agonists designed to address conditions such as treatment-resistant depression, substance use disorders and other disorders involving disrupted brain signaling.

Bright Minds’ lead program, BMB-101, is an orally administered, selective 5-HT2C receptor agonist being developed as a potential treatment for conditions including substance use disorder and related neuropsychiatric indications.