Bright Minds Biosciences (NASDAQ:DRUG) Stock Gets Price Target Reduction from Robert W. Baird

Bright Minds Biosciences (NASDAQ:DRUG) had its target price decreased by Robert W. Baird from $126.00 to $107.00 in a research report report published on Tuesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Several other analysts have also recently issued reports on the stock. BTIG Research restated a “buy” rating and set a $37.00 target price (down from $147.00) on shares of Bright Minds Biosciences in a research report on Monday. Lifesci Capital raised shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, September 28th. Jefferies Financial Group reiterated a “buy” rating on shares of Bright Minds Biosciences in a research report on Monday. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. Finally, Benchmark reissued a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $126.29.

Bright Minds Biosciences Stock Performance

Shares of DRUG opened at $20.70 on Tuesday. The stock has a market capitalization of $201.41 million, a PE ratio of -9.95 and a beta of -5.11. The company’s fifty day moving average is $54.72 and its 200 day moving average is $71.96. Bright Minds Biosciences has a fifty-two week low of $17.40 and a fifty-two week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($1.22) by $1.05. As a group, research analysts forecast that Bright Minds Biosciences will post -2.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DRUG. Engineers Gate Manager LP bought a new position in Bright Minds Biosciences during the 2nd quarter valued at about $380,000. Bank of New York Mellon Corp purchased a new stake in Bright Minds Biosciences in the 2nd quarter worth about $1,046,000. Seven Fleet Capital Management LP bought a new stake in Bright Minds Biosciences in the first quarter worth about $467,000. Vivo Capital LLC lifted its stake in Bright Minds Biosciences by 11.1% in the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after purchasing an additional 55,555 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in 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 worth $1,417,000 after purchasing an additional 4,347 shares during the last quarter. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing novel treatments for neurological and psychiatric disorders. The company’s research is centered on serotonergic compounds designed to provide therapeutic benefits associated with psychedelic medicines while potentially reducing unwanted effects such as hallucinations and cardiovascular or behavioral complications.

Bright Minds’ pipeline includes BMB-101, a selective serotonin 5-HT2C receptor agonist being developed for conditions including substance use disorders.