Bright Minds Biosciences (NASDAQ:DRUG) Earns Buy Rating from Analysts at TD Cowen

TD Cowen initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a report issued on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating on the stock.

Several other equities research analysts have also recently commented on DRUG. HC Wainwright reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. Piper Sandler began 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. Finally, Chardan Capital initiated 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. Six analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $83.25.

Bright Minds Biosciences Trading Up 2.1%

DRUG opened at $32.36 on Tuesday. The stock has a market capitalization of $227.94 million, a P/E ratio of -190.34 and a beta of -5.32. Bright Minds Biosciences has a 12 month low of $0.93 and a 12 month high of $79.02. The firm’s fifty day simple moving average is $32.87 and its 200 day simple moving average is $36.92.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Wednesday, May 21st. The company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.09. On average, equities research analysts predict that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. lifted its position in shares of Bright Minds Biosciences by 50.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock valued at $7,214,000 after buying an additional 67,500 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Bright Minds Biosciences in the first quarter valued at approximately $505,000. Point72 Asset Management L.P. acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $4,870,000. Millennium Management LLC acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $1,454,000. Finally, Janus Henderson Group PLC acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $18,392,000. 40.52% of the stock is owned by institutional investors and hedge funds.

About Bright Minds Biosciences

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.