Brokerages Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) Target Price at $128.60

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has received a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $143.8333.

Several equities analysts have issued reports on DRUG shares. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. BTIG Research reaffirmed a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a report on Monday, March 30th. HC Wainwright increased their price objective on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday. Finally, Jefferies Financial Group started coverage on shares of Bright Minds Biosciences in a research report on Monday, April 13th. They issued a “buy” rating and a $145.00 target price for the company.

Bright Minds Biosciences Stock Up 0.3%

DRUG opened at $83.50 on Friday. The company has a market cap of $812.46 million, a price-to-earnings ratio of -34.22 and a beta of -5.35. Bright Minds Biosciences has a 52-week low of $23.17 and a 52-week high of $123.75. The firm’s fifty day simple moving average is $80.60 and its two-hundred day simple moving average is $78.52.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.06) by $0.26. On average, research analysts forecast that Bright Minds Biosciences will post -4.99 EPS for the current year.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total value of $9,785,124.50. Following the completion of the sale, the insider directly owned 950,000 shares in the company, valued at $85,025,000. This represents a 10.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 42.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its position in shares of Bright Minds Biosciences by 240.0% in the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after buying an additional 372 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Bright Minds Biosciences by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after buying an additional 861 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Bright Minds Biosciences in the third quarter valued at about $58,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Bright Minds Biosciences in the third quarter valued at about $73,000. Finally, Strs Ohio raised its position in shares of Bright Minds Biosciences by 200.0% in the first quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after buying an additional 1,800 shares during the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.