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

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) has earned an average rating of "Buy" from the eight analysts that are currently covering the stock, Marketbeat reports. Seven 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 objective among brokers that have issued a report on the stock in the last year is $83.25.

DRUG has been the subject of several analyst reports. Wall Street Zen downgraded Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Cantor Fitzgerald reissued an "overweight" rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. Chardan Capital restated a "buy" rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, May 21st. Cowen assumed coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They set a "buy" rating on the stock. Finally, TD Cowen began coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating for the company.

Bright Minds Biosciences Price Performance

DRUG traded up $2.11 during midday trading on Monday, reaching $31.99. 54,167 shares of the company's stock traded hands, compared to its average volume of 63,221. The stock has a market capitalization of $225.21 million, a price-to-earnings ratio of -88.86 and a beta of -6.01. The firm has a fifty day moving average of $27.64 and a two-hundred day moving average of $32.31. Bright Minds Biosciences has a 52 week low of $0.94 and a 52 week 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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.39) by $0.10. Sell-side analysts forecast that Bright Minds Biosciences will post -1.24 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Janus Henderson Group PLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter worth about $18,392,000. RA Capital Management L.P. purchased a new position in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $16,599,000. Vivo Capital LLC acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter worth approximately $9,062,000. Millennium Management LLC raised its position 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 valued at $6,946,000 after buying an additional 152,178 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Bright Minds Biosciences during the fourth quarter worth about $4,870,000. 40.52% of the stock is owned by institutional investors and hedge funds.

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.