Bright Minds Biosciences’ (DRUG) Buy Rating Reaffirmed at BTIG Research

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reaffirmed by stock analysts at BTIG Research in a report issued on Monday,Benzinga reports. They currently have a $147.00 target price on the stock. BTIG Research’s price target would suggest a potential upside of 87.99% from the stock’s previous close.

DRUG has been the topic of a number of other reports. Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a report on Monday, June 1st. Piper Sandler reiterated an “overweight” rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Finally, Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $143.83.

Bright Minds Biosciences Stock Up 2.3%

NASDAQ DRUG traded up $1.75 during midday trading on Monday, hitting $78.19. The company had a trading volume of 134,489 shares, compared to its average volume of 229,366. The stock has a market cap of $760.84 million, a price-to-earnings ratio of -37.52 and a beta of -5.27. The firm has a fifty day simple moving average of $70.69 and a two-hundred day simple moving average of $77.10. Bright Minds Biosciences has a fifty-two week low of $38.00 and a fifty-two week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.39) by $1.22. As a group, equities analysts predict that Bright Minds Biosciences will post -4.86 earnings per share for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Orbimed Advisors LLC bought a new position in Bright Minds Biosciences during the first quarter worth about $2,919,000. Janus Henderson Group PLC grew its stake in shares of Bright Minds Biosciences by 11.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after purchasing an additional 128,329 shares during the period. Vivo Capital LLC grew its stake in shares of Bright Minds Biosciences by 11.1% in the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after purchasing an additional 55,555 shares during the period. ADAR1 Capital Management LLC raised its holdings in shares of Bright Minds Biosciences by 868.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock worth $2,474,000 after buying an additional 30,400 shares in the last quarter. Finally, Walleye Capital LLC raised its holdings in shares of Bright Minds Biosciences by 108.0% in the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock worth $3,919,000 after buying an additional 27,880 shares in the last quarter. 40.52% of the stock is owned by institutional investors.

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.