Analysts Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) PT at $83.25

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have been assigned an average recommendation of “Buy” from the seven analysts that are covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $83.25.

Several brokerages have recently weighed in on DRUG. HC Wainwright reiterated a “buy” rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. TD Cowen started coverage on shares of Bright Minds Biosciences in a research report on Tuesday. They issued a “buy” rating on the stock. Chardan Capital started coverage on shares of Bright Minds Biosciences in a research report on Wednesday, May 7th. They issued a “buy” rating and a $80.00 price objective on the stock. Finally, Piper Sandler started coverage on shares of Bright Minds Biosciences in a research report on Thursday, January 23rd. They issued an “overweight” rating and a $93.00 price objective on the stock.

Institutional Trading of Bright Minds Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE bought a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $173,000. Jane Street Group LLC bought a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $238,000. Atika Capital Management LLC bought a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $540,000. Millennium Management LLC bought a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $1,454,000. Finally, Boothbay Fund Management LLC bought a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $1,606,000. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Down 0.0%

Shares of DRUG opened at $32.61 on Wednesday. The business’s 50-day moving average price is $32.92 and its 200-day moving average price is $37.07. Bright Minds Biosciences has a twelve month low of $0.93 and a twelve month high of $79.02. The stock has a market cap of $229.70 million, a PE ratio of -191.81 and a beta of -5.32.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.24. Analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

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.