Bright Minds Biosciences (NASDAQ:DRUG) Now Covered by Analysts at Wolfe Research

Key Points

• Wolfe Research initiated coverage of Bright Minds Biosciences with an “outperform” rating and a $150 price target, implying approximately 196% upside from the stock’s $50.71 opening price.
• Analyst sentiment is broadly positive: Bright Minds has one Strong Buy, eight Buy, and two Hold ratings, producing a “Moderate Buy” consensus and an average price target of $144.71.
• Bright Minds is developing selective serotonin receptor agonists for neuropsychiatric and neurological disorders, with lead candidate BMB-101 focused on epilepsy and other conditions involving neuronal hyperexcitability; institutional investors own 40.52% of the company.

Equities research analysts at Wolfe Research started coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) in a research note issued to investors on Thursday, MarketBeat reports. The firm set an "outperform" rating and a $150.00 price target on the stock. Wolfe Research's price target indicates a potential upside of 195.80% from the stock's current price.

Several other brokerages also recently weighed in on DRUG. Zacks Research downgraded shares of Bright Minds Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 15th. Benchmark reiterated a "buy" rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. BTIG Research reiterated a "buy" rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, August 17th. HC Wainwright reissued a "buy" rating and set a $145.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, August 19th. Finally, Lifesci Capital upgraded shares of Bright Minds Biosciences to a "strong-buy" rating in a research report on Monday, September 28th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $144.71.

Bright Minds Biosciences Price Performance

Shares of DRUG opened at $50.71 on Thursday. The firm has a market capitalization of $493.41 million, a PE ratio of -24.38 and a beta of -5.22. Bright Minds Biosciences has a 1-year low of $47.23 and a 1-year high of $123.75. The company's fifty day moving average price is $65.28 and its 200-day moving average price is $72.46.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($1.22) by $1.05. As a group, research analysts anticipate that Bright Minds Biosciences will post -2.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC lifted its stake in shares of Bright Minds Biosciences by 11.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company's stock valued at $93,518,000 after purchasing an additional 128,329 shares during the period. Vivo Capital LLC increased its holdings in Bright Minds Biosciences by 11.1% in the first quarter. Vivo Capital LLC now owns 557,172 shares of the company's stock valued at $40,657,000 after buying an additional 55,555 shares in the last quarter. Walleye Capital LLC increased its holdings in Bright Minds Biosciences by 108.0% in the first quarter. Walleye Capital LLC now owns 53,706 shares of the company's stock valued at $3,919,000 after buying an additional 27,880 shares in the last quarter. Orbimed Advisors LLC purchased a new position in Bright Minds Biosciences in the first quarter valued at $2,919,000. Finally, Artia Global Partners LP acquired a new position in shares of Bright Minds Biosciences in the fourth quarter worth about $2,607,000. Hedge funds and other institutional investors own 40.52% of the company's stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company's research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds' lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.

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