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

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have received an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $143.8333.

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target for the company. BTIG Research reiterated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. HC Wainwright reissued a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Wall Street Zen upgraded shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Piper Sandler restated an “overweight” rating and issued a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th.

Bright Minds Biosciences Stock Performance

Shares of DRUG stock opened at $67.60 on Monday. Bright Minds Biosciences has a 1 year low of $24.00 and a 1 year high of $123.75. The business’s fifty day moving average is $75.73 and its 200-day moving average is $79.34. The stock has a market cap of $657.75 million, a PE ratio of -27.70 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.06. Equities research analysts predict that Bright Minds Biosciences will post -4.9 earnings per share for the current year.

Insider Buying and Selling at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total value of $9,785,124.50. Following the transaction, the insider directly owned 950,000 shares in the company, valued at $85,025,000. The trade was a 10.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 42.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC raised its holdings in Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after buying an additional 128,329 shares during the period. Vivo Capital LLC increased its position in shares of 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 acquiring an additional 55,555 shares in the last quarter. Braidwell LP increased its position in shares of Bright Minds Biosciences by 6.8% in the fourth 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. MPM Bioimpact LLC acquired a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at approximately $17,961,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Bright Minds Biosciences by 20.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 225,412 shares of the company’s stock valued at $17,591,000 after acquiring an additional 38,490 shares during the period. Institutional investors and hedge funds 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.