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

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have been assigned a consensus recommendation of "Buy" from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $83.25.

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Bright Minds Biosciences in a research report on Wednesday, July 2nd. TD Cowen assumed coverage on Bright Minds Biosciences in a research note on Tuesday, May 13th. They issued a "buy" rating for the company. Wall Street Zen downgraded Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Chardan Capital restated a "buy" rating and set a $80.00 price target on shares of Bright Minds Biosciences in a report on Wednesday, May 21st. Finally, Cowen began coverage on Bright Minds Biosciences in a report on Tuesday, May 13th. They issued a "buy" rating for the company.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of DRUG. Janus Henderson Group PLC acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $18,392,000. RA Capital Management L.P. purchased a new stake in Bright Minds Biosciences during the 4th quarter worth about $16,599,000. Vivo Capital LLC purchased a new stake in Bright Minds Biosciences during the 4th quarter worth about $9,062,000. Millennium Management LLC lifted its holdings in shares of Bright Minds Biosciences by 376.9% in the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company's stock valued at $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 Bright Minds Biosciences during the 4th quarter valued at approximately $4,870,000. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Price Performance

Shares of NASDAQ DRUG opened at $26.16 on Monday. The company has a 50 day simple moving average of $27.93 and a 200 day simple moving average of $32.53. The firm has a market cap of $184.17 million, a PE ratio of -72.66 and a beta of -6.01. 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 released its quarterly earnings results on Thursday, May 15th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.10. As a group, research analysts anticipate that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal 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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