HC Wainwright Reiterates “Buy” Rating for Bright Minds Biosciences (NASDAQ:DRUG)

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research report issued on Tuesday, MarketBeat reports. They presently have a $115.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 47.36% from the company’s current price.

DRUG has been the topic of several other research reports. Chardan Capital raised Bright Minds Biosciences to a “strong-buy” rating in a research note on Wednesday, November 19th. BTIG Research initiated coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They set a “buy” rating and a $72.00 price objective on the stock. Zacks Research lowered shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, December 27th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $90.00.

Bright Minds Biosciences Trading Up 2.9%

Shares of NASDAQ:DRUG opened at $78.04 on Tuesday. The firm’s 50 day moving average is $69.06 and its two-hundred day moving average is $50.89. The firm has a market capitalization of $607.93 million, a P/E ratio of -63.97 and a beta of -6.22. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $97.75.

Institutional Trading of Bright Minds Biosciences

A number of large investors have recently added to or reduced their stakes in DRUG. Vivo Capital LLC grew its position in Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after buying an additional 250,045 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth $393,000. Bank of America Corp DE grew its holdings in shares of Bright Minds Biosciences by 48.6% in the 3rd quarter. Bank of America Corp DE now owns 7,037 shares of the company’s stock worth $427,000 after acquiring an additional 2,303 shares during the last quarter. Boothbay Fund Management LLC lifted its holdings in shares of Bright Minds Biosciences by 46.7% during the third quarter. Boothbay Fund Management LLC now owns 28,119 shares of the company’s stock valued at $1,706,000 after purchasing an additional 8,955 shares during the last quarter. Finally, Braidwell LP acquired a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at $18,422,000. 40.52% of the stock is currently owned by institutional investors.

About Bright Minds Biosciences

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.