Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives $143.83 Consensus PT from Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned a consensus rating of “Buy” from the seven analysts that are currently covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $143.8333.

DRUG has been the topic of several research reports. Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Piper Sandler reiterated an “overweight” rating and issued a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. HC Wainwright reiterated a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a report on Monday, June 1st. Jefferies Financial Group began coverage on Bright Minds Biosciences in a research note on Monday, April 13th. They set a “buy” rating and a $145.00 price objective on the stock. Finally, Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st.

Hedge Funds Weigh In On Bright Minds Biosciences

Large investors have recently bought and sold shares of the business. Royal Bank of Canada lifted its holdings in shares of Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after buying an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences during the third quarter valued at $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bright Minds Biosciences during the second quarter valued at $66,000. Finally, New York State Common Retirement Fund bought a new position in shares of Bright Minds Biosciences during the second quarter worth about $107,000. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Trading Up 1.0%

Bright Minds Biosciences stock opened at $80.80 on Friday. Bright Minds Biosciences has a 52 week low of $34.19 and a 52 week high of $123.75. The stock has a market cap of $786.18 million, a P/E ratio of -33.11 and a beta of -5.27. The stock has a 50 day moving average of $70.50 and a 200-day moving average of $77.43.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. As a group, equities analysts predict that Bright Minds Biosciences will post -4.86 earnings per share for the current fiscal year.

Bright Minds Biosciences Company Profile

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.