Bright Minds Biosciences (NASDAQ:DRUG) Earns Buy Rating from Analysts at Chardan Capital

Chardan Capital initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a report issued on Wednesday, MarketBeat Ratings reports. The firm issued a buy rating and a $80.00 target price on the stock.

DRUG has been the subject of several other reports. Piper Sandler began coverage on shares of Bright Minds Biosciences in a report on Thursday, January 23rd. They issued an “overweight” rating and a $93.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Finally, Cantor Fitzgerald began coverage on shares of Bright Minds Biosciences in a research note on Friday, January 10th. They set an “overweight” rating on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $83.25.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ:DRUG opened at $30.31 on Wednesday. The company has a market capitalization of $213.50 million, a PE ratio of -178.28 and a beta of -5.32. The stock has a fifty day moving average of $33.12 and a 200-day moving average of $37.58. Bright Minds Biosciences has a one year low of $0.93 and a one year high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Thursday, February 13th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.24. As a group, research analysts forecast that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

Several institutional investors have recently made changes to their positions in DRUG. Bank of America Corp DE purchased a new stake in Bright Minds Biosciences in the 4th quarter worth approximately $173,000. Jane Street Group LLC purchased a new position in shares of Bright Minds Biosciences during the 4th quarter valued at $238,000. Atika Capital Management LLC acquired a new position in shares of Bright Minds Biosciences in the fourth quarter worth $540,000. Millennium Management LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter worth $1,454,000. Finally, Boothbay Fund Management LLC acquired a new stake in Bright Minds Biosciences during the fourth quarter valued at $1,606,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.