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

Key Points

• Analysts have a consensus rating of "Moderate Buy" on Bright Minds Biosciences, with six buy and one hold recommendation and an average one‑year target price of $128.60.
• Bright Minds is a clinical‑stage biotech developing oral, serotonin‑modulating and neuroprotective small molecules inspired by psychedelic chemistry, with lead candidate BMB‑101 in development for mood and anxiety disorders.
• The stock opened at $87.42 (50‑/200‑day MAs of $79.28/$75.05), has a market cap of about $850.8 million and a negative P/E of -45.3, and roughly 40.5% of shares are held by institutions, several of which recently increased positions.

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have been assigned an average rating of "Moderate Buy" from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $128.60.

A number of brokerages recently issued reports on DRUG. BTIG Research reissued a "buy" rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Robert W. Baird set a $126.00 target price on Bright Minds Biosciences in a research report on Friday, February 13th. Wall Street Zen downgraded Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday. HC Wainwright lifted their target price on Bright Minds Biosciences from $115.00 to $145.00 and gave the company a "buy" rating in a research report on Wednesday, March 4th. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research report on Friday, January 2nd.

Bright Minds Biosciences Trading Down 3.7%

Shares of NASDAQ:DRUG opened at $87.42 on Wednesday. The business has a 50-day moving average price of $79.28 and a 200 day moving average price of $75.05. The company has a market capitalization of $850.77 million, a price-to-earnings ratio of -45.30 and a beta of -5.34. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.98) by $0.28. As a group, equities research analysts predict that Bright Minds Biosciences will post -5.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

Several institutional investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in Bright Minds Biosciences in the 4th quarter valued at about $226,000. Invesco Ltd. acquired a new position in Bright Minds Biosciences in the 4th quarter valued at about $328,000. Ikarian Capital LLC grew its position in Bright Minds Biosciences by 933.1% in the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company's stock valued at $12,441,000 after acquiring an additional 143,990 shares in the last quarter. Wellington Management Group LLP acquired a new position in Bright Minds Biosciences in the 4th quarter valued at about $1,068,000. Finally, Millennium Management LLC grew its position in Bright Minds Biosciences by 153.6% in the 4th quarter. Millennium Management LLC now owns 194,437 shares of the company's stock valued at $15,174,000 after acquiring an additional 117,756 shares in the last quarter. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.

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