Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives Average Recommendation of "Buy" from Brokerages

Key Points

• Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been given a consensus recommendation of "Buy" by nine research firms, with an average price target of $81.00.
• Institutional investors have shown increased interest, with hedge funds owning 40.52% of the stock, including significant stakes from Jane Street Group and Janus Henderson Group.
• The company's recent financial performance included a quarterly earnings report of ($0.53) earnings per share, surpassing the consensus estimate of ($0.59).

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have been assigned a consensus rating of "Buy" from the nine research firms that are covering the company, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $81.00.

A number of equities analysts have commented on DRUG shares. Cantor Fitzgerald restated an "overweight" rating on shares of Bright Minds Biosciences in a research note on Wednesday, July 2nd. Chardan Capital restated a "buy" rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, May 21st. HC Wainwright restated a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research note on Tuesday, August 19th. 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. Finally, BTIG Research started coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They set a "buy" rating and a $72.00 price objective on the stock.

Bright Minds Biosciences Price Performance

DRUG stock traded down $0.63 during mid-day trading on Tuesday, reaching $48.75. The company had a trading volume of 80,383 shares, compared to its average volume of 70,255. The company has a market capitalization of $343.20 million, a PE ratio of -52.42 and a beta of -6.13. The firm has a 50 day moving average of $36.45 and a 200 day moving average of $32.99. Bright Minds Biosciences has a 12 month low of $0.94 and a 12 month high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.53) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.06. Analysts anticipate that Bright Minds Biosciences will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Bright Minds Biosciences during the second quarter valued at approximately $28,000. JPMorgan Chase & Co. boosted its stake in Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock valued at $57,000 after acquiring an additional 1,873 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bright Minds Biosciences in the second quarter valued at approximately $66,000. New York State Common Retirement Fund acquired a new stake in Bright Minds Biosciences in the second quarter valued at approximately $107,000. Finally, Bank of America Corp DE acquired a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $173,000. 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.