Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Average Rating of "Buy" by Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have been given a consensus recommendation of "Buy" by the eight research firms that are presently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $83.25.

DRUG has been the topic of several analyst reports. TD Cowen began coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They set a "buy" rating on the stock. Chardan Capital restated a "buy" rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. Wall Street Zen cut shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Cowen assumed coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They issued a "buy" rating for the company. Finally, HC Wainwright reissued a "buy" rating and set a $85.00 price target on shares of Bright Minds Biosciences in a report on Wednesday, February 19th.

Bright Minds Biosciences Stock Up 0.3%

NASDAQ:DRUG traded up $0.09 during mid-day trading on Friday, hitting $27.55. 10,568 shares of the company traded hands, compared to its average volume of 825,226. The stock's fifty day moving average price is $31.07 and its 200-day moving average price is $35.24. The firm has a market cap of $194.06 million, a price-to-earnings ratio of -162.05 and a beta of -5.32. Bright Minds Biosciences has a one year low of $0.93 and a one year high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.29) earnings per share for the quarter, beating analysts' consensus estimates of ($0.39) by $0.10. Equities analysts predict that Bright Minds Biosciences will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of DRUG. Janus Henderson Group PLC bought a new stake in Bright Minds Biosciences in the 4th quarter valued at $18,392,000. RA Capital Management L.P. purchased a new position in shares of Bright Minds Biosciences during the fourth quarter valued at about $16,599,000. Vivo Capital LLC purchased a new position in shares of Bright Minds Biosciences during the fourth quarter valued at about $9,062,000. Millennium Management LLC increased 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 purchasing an additional 152,178 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Bright Minds Biosciences in the fourth quarter worth about $4,870,000. Institutional investors own 40.52% of the company's stock.

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.