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

BTIG Research reaffirmed their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report released on Tuesday,Benzinga reports. They currently have a $147.00 price target on the stock.

DRUG has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Chardan Capital restated a “buy” rating and set a $80.00 target price on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a report on Friday, February 13th. Wall Street Zen upgraded shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Bright Minds Biosciences currently has an average rating of “Moderate Buy” and an average target price of $117.00.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG opened at $86.08 on Tuesday. Bright Minds Biosciences has a one year low of $23.17 and a one year high of $123.75. The stock has a 50-day moving average of $83.21 and a 200 day moving average of $64.49. The company has a market capitalization of $837.56 million, a price-to-earnings ratio of -44.60 and a beta of -6.18.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28. On average, equities analysts predict that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Bright Minds Biosciences during the second quarter valued at about $28,000. Royal Bank of Canada grew its holdings in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after buying an additional 372 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Bright Minds Biosciences in the 3rd quarter worth approximately $58,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth approximately $66,000. Institutional investors own 40.52% of the company’s stock.

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.