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

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) has been given an average recommendation of "Buy" by the six analysts that are covering the stock, MarketBeat Ratings reports. Five 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 target price among brokers that have covered the stock in the last year is $83.25.

A number of equities analysts have commented on DRUG shares. Cantor Fitzgerald assumed coverage on shares of Bright Minds Biosciences in a research note on Friday, January 10th. They issued an "overweight" rating for the company. Chardan Capital started coverage on Bright Minds Biosciences in a report on Wednesday. They issued a "buy" rating and a $80.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. Finally, Piper Sandler initiated 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.

Institutional Investors Weigh In On Bright Minds Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRUG. RA Capital Management L.P. purchased a new stake in Bright Minds Biosciences in the 4th quarter valued at about $16,599,000. Vivo Capital LLC purchased a new position in Bright Minds Biosciences during the 4th quarter worth approximately $9,062,000. Atika Capital Management LLC purchased a new stake in Bright Minds Biosciences in the 4th quarter valued at $540,000. Walleye Capital LLC purchased a new position in shares of Bright Minds Biosciences during the fourth quarter worth about $3,717,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Bright Minds Biosciences during the 4th quarter valued at approximately $2,465,000. Institutional investors and hedge funds own 40.52% of the company's stock.

Bright Minds Biosciences Stock Performance

Shares of DRUG traded up $1.24 on Wednesday, hitting $30.26. 7,150 shares of the stock traded hands, compared to its average volume of 820,571. Bright Minds Biosciences has a one year low of $0.93 and a one year high of $79.02. The business has a 50 day simple moving average of $33.25 and a 200 day simple moving average of $37.63. The company has a market capitalization of $213.12 million, a PE ratio of -177.12 and a beta of -5.32.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.24. On average, equities analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

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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