Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives $115.40 Average Target Price from Analysts

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $115.40.

DRUG has been the subject of several recent analyst reports. Robert W. Baird set a $142.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, January 7th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 target price on shares of Bright Minds Biosciences in a report on Tuesday, December 30th. Finally, BTIG Research lifted their price target on Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th.

Bright Minds Biosciences Trading Down 2.1%

Shares of Bright Minds Biosciences stock opened at $88.00 on Monday. The company has a market capitalization of $856.24 million, a P/E ratio of -72.13 and a beta of -6.15. The stock has a fifty day simple moving average of $76.69 and a 200 day simple moving average of $56.20. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75.

Institutional Trading of Bright Minds Biosciences

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

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.