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

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have been assigned a consensus rating of “Buy” from the eight analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $82.50.

A number of brokerages have commented on DRUG. HC Wainwright restated a “buy” rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research note on Monday, September 15th. Zacks Research cut Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. BTIG Research initiated coverage on Bright Minds Biosciences in a research note on Monday, September 8th. They issued a “buy” rating and a $72.00 price target on the stock. Chardan Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a research report on Wednesday, November 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DRUG. OMERS ADMINISTRATION Corp bought a new stake in Bright Minds Biosciences during the first quarter worth about $505,000. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Bright Minds Biosciences by 50.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after acquiring an additional 67,500 shares in the last quarter. Millennium Management LLC grew its position in Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after acquiring an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in Bright Minds Biosciences during the 1st quarter worth approximately $802,000. Finally, AdvisorShares Investments LLC increased its holdings in Bright Minds Biosciences by 28.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock valued at $378,000 after purchasing an additional 3,200 shares in the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Stock Performance

NASDAQ:DRUG opened at $88.83 on Thursday. The company has a 50-day moving average of $65.84 and a 200-day moving average of $47.14. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $97.75. The company has a market capitalization of $691.95 million, a price-to-earnings ratio of -95.51 and a beta of -6.22.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.