Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives $83.25 Average Target Price from Brokerages

Key Points

• Bright Minds Biosciences Inc. has a consensus rating of "Buy" from eight research firms, with an average one-year price target of $83.25.
• The company's stock traded down to $41.82 recently, reflecting a significant market cap of $294.41 million and notable fluctuations with a one-year low of $0.94 and a high of $79.02.
• In its latest earnings report, Bright Minds Biosciences reported earnings per share of -$0.53, exceeding analysts' expectations and paving the way for an anticipated -1.24 earnings per share for the current fiscal year.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) has received a consensus recommendation of "Buy" from the eight brokerages that are currently covering the firm, Marketbeat reports. Seven 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 a report on the stock in the last year is $83.25.

A number of research analysts have commented on DRUG shares. Cowen assumed coverage on shares of Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating on the stock. Chardan Capital reaffirmed a "buy" rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, May 21st. TD Cowen initiated coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating for the company. Cantor Fitzgerald restated an "overweight" rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. Finally, Wall Street Zen downgraded Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

Bright Minds Biosciences Price Performance

Shares of DRUG traded down $3.1150 during midday trading on Friday, hitting $42.4350. 23,264 shares of the company traded hands, compared to its average volume of 49,714. The stock has a 50-day moving average of $30.50 and a 200-day moving average of $32.53. Bright Minds Biosciences has a one year low of $0.94 and a one year high of $79.02. The firm has a market cap of $298.74 million, a P/E ratio of -45.63 and a beta of -6.07.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.06. Sell-side analysts forecast that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently bought and sold shares of the business. Police & Firemen s Retirement System of New Jersey bought a new stake in Bright Minds Biosciences in the 2nd quarter worth about $28,000. JPMorgan Chase & Co. boosted its position in Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock worth $57,000 after purchasing an additional 1,873 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bright Minds Biosciences in the second quarter worth about $66,000. AdvisorShares Investments LLC boosted its position in Bright Minds Biosciences by 28.4% in the second quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company's stock worth $378,000 after purchasing an additional 3,200 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new position in Bright Minds Biosciences in the second quarter worth about $107,000. 40.52% of the stock is currently owned by institutional investors.

Bright Minds Biosciences Company Profile

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.