Bright Minds Biosciences (NASDAQ:DRUG) Given New $145.00 Price Target at HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG) had its price objective increased by HC Wainwright from $115.00 to $145.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Chardan Capital reiterated a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a report on Friday, January 2nd. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research note on Friday, February 13th. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Zacks Research lowered shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Finally, BTIG Research reiterated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Tuesday, February 17th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.50.

Bright Minds Biosciences Stock Down 0.9%

Shares of Bright Minds Biosciences stock opened at $79.31 on Wednesday. The firm’s 50-day moving average price is $83.11 and its two-hundred day moving average price is $67.59. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75. The company has a market capitalization of $771.69 million, a price-to-earnings ratio of -41.09 and a beta of -6.04.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28. On average, sell-side analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Several institutional investors have recently bought and sold shares of DRUG. Millennium Management LLC grew its holdings in Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares during the period. Goldman Sachs Group Inc. bought a new position in shares of Bright Minds Biosciences during the 1st quarter worth $802,000. Geode Capital Management LLC purchased a new stake in Bright Minds Biosciences in the 2nd quarter worth about $1,502,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Bright Minds Biosciences in the 2nd quarter valued at about $28,000. Finally, JPMorgan Chase & Co. lifted its holdings in Bright Minds Biosciences by 624.3% during the second 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. 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.