Bright Minds Biosciences (NASDAQ:DRUG) Earns “Buy” Rating from BTIG Research

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reiterated by stock analysts at BTIG Research in a report issued on Monday,Benzinga reports. They currently have a $147.00 price objective on the stock. BTIG Research’s price objective would suggest a potential upside of 101.45% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Chardan Capital reiterated a “buy” rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a report on Friday, January 2nd. HC Wainwright raised their price objective on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Finally, Robert W. Baird set a $126.00 target price on Bright Minds Biosciences in a research report on Friday, February 13th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.50.

Bright Minds Biosciences Trading Up 6.6%

Shares of NASDAQ DRUG opened at $72.97 on Monday. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75. The company has a market cap of $710.00 million, a PE ratio of -37.81 and a beta of -6.04. The stock has a 50 day simple moving average of $78.59 and a 200-day simple moving average of $71.85.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly 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. Sell-side analysts forecast 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 hedge funds and other institutional investors have recently made changes to their positions in DRUG. Janus Henderson Group PLC boosted its holdings in Bright Minds Biosciences by 0.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,155,995 shares of the company’s stock worth $90,832,000 after buying an additional 10,335 shares in the last quarter. Sio Capital Management LLC lifted its position in shares of Bright Minds Biosciences by 0.9% during the 2nd quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock valued at $13,377,000 after acquiring an additional 4,776 shares during the last quarter. Vivo Capital LLC boosted its stake in shares of Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after acquiring an additional 250,045 shares in the last quarter. Braidwell LP boosted its stake in shares of Bright Minds Biosciences by 6.8% during the 4th quarter. Braidwell LP now owns 324,358 shares of the company’s stock worth $25,313,000 after acquiring an additional 20,673 shares in the last quarter. Finally, MPM Bioimpact LLC acquired a new position in shares of Bright Minds Biosciences in the 4th quarter worth $17,961,000. 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.