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

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a research note issued on Tuesday,Benzinga reports. They presently have a $147.00 price objective on the stock. BTIG Research’s price objective suggests a potential upside of 88.70% from the stock’s previous close.

Several other brokerages also recently commented on DRUG. HC Wainwright restated a “buy” rating and issued a $115.00 target price on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Robert W. Baird set a $126.00 price objective on shares of Bright Minds Biosciences in a report on Friday. Chardan Capital reiterated a “buy” rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Finally, Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $117.00.

Bright Minds Biosciences Trading Down 3.3%

NASDAQ DRUG opened at $77.90 on Tuesday. Bright Minds Biosciences has a 1-year low of $23.17 and a 1-year high of $123.75. The company has a market capitalization of $757.97 million, a price-to-earnings ratio of -40.36 and a beta of -6.17. The stock’s 50 day moving average is $83.22 and its two-hundred day moving average is $63.87.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Thursday, February 12th. The company reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.98) by $0.28. On average, analysts predict that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new stake in shares of Bright Minds Biosciences during the third quarter worth $58,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in Bright Minds Biosciences in the second quarter worth about $28,000. Gordian Capital Singapore Pte Ltd bought a new stake in Bright Minds Biosciences during the 3rd quarter worth about $73,000. JPMorgan Chase & Co. boosted its stake in shares of Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth approximately $66,000. 40.52% of the stock is currently owned by institutional investors.

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.