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

Key Points

• Bright Minds Biosciences Inc. (NASDAQ:DRUG) has a consensus rating of "Buy", with eight analysts recommending a buy and one a strong buy, while the average 12-month price target is set at $81.00.
• The company recently reported EPS of ($0.53), beating the consensus estimate of ($0.59), and analysts predict a total EPS of -1.24 for the current year.
• Institutional investors hold 40.52% of the stock, with notable acquisitions from firms like Goldman Sachs and Millennium Management, signaling strong interest in the company.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) has been given a consensus rating of "Buy" by the nine analysts that are presently covering the stock, Marketbeat reports. Eight analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $81.00.

Several equities analysts recently issued reports on the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. Wall Street Zen cut Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Friday. BTIG Research assumed coverage on Bright Minds Biosciences in a report on Monday, September 8th. They set a "buy" rating and a $72.00 price objective for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $85.00 price target on shares of Bright Minds Biosciences in a report on Monday, September 15th.

Bright Minds Biosciences Stock Performance

Shares of DRUG stock opened at $53.26 on Friday. The stock has a fifty day moving average price of $43.98 and a 200 day moving average price of $34.80. The stock has a market cap of $374.95 million, a PE ratio of -57.27 and a beta of -6.17. Bright Minds Biosciences has a 1 year low of $0.94 and a 1 year high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.06. As a group, equities research analysts predict that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. acquired a new position in shares of Bright Minds Biosciences in the first quarter worth $802,000. Bank of America Corp DE acquired a new position in shares of Bright Minds Biosciences in the fourth quarter worth $173,000. Adage Capital Partners GP L.L.C. raised its holdings in shares of Bright Minds Biosciences by 50.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company's stock worth $7,214,000 after acquiring an additional 67,500 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of Bright Minds Biosciences in the first quarter worth $505,000. Finally, Millennium Management LLC raised its holdings in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company's stock worth $6,946,000 after acquiring an additional 152,178 shares during the last quarter. 40.52% of the stock is 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.

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