Bright Minds Biosciences (NASDAQ:DRUG) Given New $145.00 Price Target at HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG) had its target price raised by equities research analysts at HC Wainwright from $115.00 to $145.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 82.16% from the company’s previous close.

Other analysts also recently issued reports about the stock. Chardan Capital restated a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. BTIG Research reiterated a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Tuesday, February 17th. Robert W. Baird set a $126.00 target price on Bright Minds Biosciences in a report on Friday, February 13th. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $124.50.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ:DRUG traded down $0.40 on Wednesday, hitting $79.60. The company’s stock had a trading volume of 21,412 shares, compared to its average volume of 171,482. The company has a market capitalization of $774.51 million, a price-to-earnings ratio of -41.24 and a beta of -6.04. Bright Minds Biosciences has a 12 month low of $23.17 and a 12 month high of $123.75. The stock’s 50-day moving average is $83.22 and its two-hundred day moving average is $67.51.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28. Equities analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of large investors have recently added to or reduced their stakes in DRUG. Royal Bank of Canada grew its position in Bright Minds Biosciences by 240.0% in the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after buying an additional 372 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Bright Minds Biosciences during the 3rd quarter valued at $58,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth $28,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth $73,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Bright Minds Biosciences by 624.3% in 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 last quarter. 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.