Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have received a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $124.50.

DRUG has been the topic of a number of research reports. HC Wainwright increased their price objective on Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. BTIG Research reaffirmed a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a report on Tuesday, February 17th. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Finally, Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st.

Bright Minds Biosciences Price Performance

Shares of DRUG opened at $70.10 on Friday. The company’s fifty day moving average price is $79.18 and its 200-day moving average price is $71.13. Bright Minds Biosciences has a 1-year low of $23.17 and a 1-year high of $123.75. The firm has a market capitalization of $682.07 million, a PE ratio of -36.32 and a beta of -6.04.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28. As a group, research analysts anticipate that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its position in Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after purchasing an additional 372 shares during the period. Charles Schwab Investment Management Inc. grew its position in Bright Minds Biosciences by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock worth $973,000 after purchasing an additional 861 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at about $58,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Bright Minds Biosciences during the 2nd quarter valued at about $28,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at about $73,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

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.