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

Bright Minds Biosciences logo with Medical background

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) has received a consensus rating of "Buy" from the six brokerages that are covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $83.25.

DRUG has been the subject of a number of research analyst reports. Chardan Capital assumed coverage on shares of Bright Minds Biosciences in a research note on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price for the company. Piper Sandler assumed coverage on shares of Bright Minds Biosciences in a report on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th.

Read Our Latest Stock Analysis on DRUG

Bright Minds Biosciences Stock Performance

NASDAQ:DRUG traded up $0.23 during mid-day trading on Wednesday, reaching $32.72. The stock had a trading volume of 19,032 shares, compared to its average volume of 824,071. The business has a 50 day simple moving average of $33.05 and a 200 day simple moving average of $37.21. Bright Minds Biosciences has a twelve month low of $0.93 and a twelve month high of $79.02. The firm has a market capitalization of $230.44 million, a price-to-earnings ratio of -188.72 and a beta of -5.32.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.23) by $0.24. As a group, sell-side analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC acquired a new position in shares of Bright Minds Biosciences during the fourth quarter worth approximately $18,392,000. RA Capital Management L.P. bought a new position in shares of Bright Minds Biosciences during the fourth quarter worth $16,599,000. Vivo Capital LLC acquired a new stake in Bright Minds Biosciences in the 4th quarter valued at $9,062,000. Point72 Asset Management L.P. bought a new stake in Bright Minds Biosciences in the 4th quarter valued at about $4,870,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in Bright Minds Biosciences in the 4th quarter valued at approximately $4,773,000. Hedge funds and other institutional investors own 40.52% of the company's stock.

Bright Minds Biosciences Company Profile

(Get Free Report

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.

Further Reading

Analyst Recommendations for Bright Minds Biosciences (NASDAQ:DRUG)

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