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

BTIG Research restated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a $147.00 price target on the stock.

A number of other research analysts also recently commented on DRUG. Piper Sandler restated an “overweight” rating and issued a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $143.83.

Bright Minds Biosciences Stock Up 0.8%

Shares of NASDAQ:DRUG opened at $84.74 on Monday. The firm has a fifty day moving average of $71.77 and a two-hundred day moving average of $77.10. Bright Minds Biosciences has a 12-month low of $38.00 and a 12-month high of $123.75. The firm has a market capitalization of $824.52 million, a P/E ratio of -40.74 and a beta of -5.27.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results on Monday, August 17th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.28) by $1.11. Equities research analysts expect that Bright Minds Biosciences will post -4.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of large investors have recently bought and sold shares of the business. Orbimed Advisors LLC bought a new position in Bright Minds Biosciences during the first quarter valued at about $2,919,000. Janus Henderson Group PLC boosted its stake in shares of Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after acquiring an additional 128,329 shares in the last quarter. Vivo Capital LLC boosted its stake in shares of Bright Minds Biosciences by 11.1% during the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after acquiring an additional 55,555 shares in the last quarter. ADAR1 Capital Management LLC increased its holdings in shares of Bright Minds Biosciences by 868.6% during the 1st quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock valued at $2,474,000 after acquiring an additional 30,400 shares during the last quarter. Finally, Walleye Capital LLC increased its holdings in shares of Bright Minds Biosciences by 108.0% during the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock valued at $3,919,000 after acquiring an additional 27,880 shares during the last quarter. 40.52% of the stock is currently owned by institutional investors.

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.