Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives Consensus Rating of "Buy" from Analysts

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have received an average rating of "Buy" from the eight analysts that are currently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $83.25.

Several equities analysts have recently issued reports on the company. Chardan Capital reaffirmed a "buy" rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, May 21st. Wall Street Zen downgraded shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Cowen began coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating for the company. Cantor Fitzgerald upgraded shares of Bright Minds Biosciences to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, TD Cowen began coverage on Bright Minds Biosciences in a research note on Tuesday, May 13th. They issued a "buy" rating for the company.

Bright Minds Biosciences Price Performance

Shares of NASDAQ DRUG traded down $1.51 during midday trading on Thursday, reaching $23.27. 627,261 shares of the stock were exchanged, compared to its average volume of 828,351. Bright Minds Biosciences has a 12 month low of $0.93 and a 12 month high of $79.02. The business has a 50-day simple moving average of $29.56 and a two-hundred day simple moving average of $33.88. The company has a market capitalization of $163.82 million, a price-to-earnings ratio of -64.64 and a beta of -5.75.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.10. Equities research analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

Large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. bought a new position in shares of Bright Minds Biosciences during the first quarter worth about $802,000. Millennium Management LLC lifted its holdings in shares of Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company's stock valued at $6,946,000 after purchasing an additional 152,178 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Bright Minds Biosciences by 50.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company's stock worth $7,214,000 after purchasing an additional 67,500 shares during the period. OMERS ADMINISTRATION Corp acquired a new position in shares of Bright Minds Biosciences in the 1st quarter valued at about $505,000. Finally, Point72 Asset Management L.P. acquired a new position in Bright Minds Biosciences in the 4th quarter worth about $4,870,000. 40.52% of the stock is currently 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.