Bright Minds Biosciences (NASDAQ:DRUG) Upgraded to Strong-Buy at Chardan Capital

Chardan Capital upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

A number of other analysts have also issued reports on DRUG. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. BTIG Research started coverage on Bright Minds Biosciences in a research note on Monday, September 8th. They set a “buy” rating and a $72.00 target price for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research report on Monday, September 15th. Three research analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $81.00.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ:DRUG opened at $57.44 on Wednesday. The business’s 50-day simple moving average is $56.85 and its 200 day simple moving average is $41.04. The company has a market cap of $447.46 million, a P/E ratio of -61.76 and a beta of -6.27. Bright Minds Biosciences has a one year low of $23.17 and a one year high of $70.23.

Hedge Funds Weigh In On Bright Minds Biosciences

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