Bright Minds Biosciences (NASDAQ:DRUG) Earns Buy Rating from Analysts at Jefferies Financial Group

Key Points

• Jefferies initiated coverage with a "Buy" and $145 price target, implying about a 73.6% upside; overall analyst sentiment is bullish (six Buys, one Hold) with an average price target of $128.60 and a "Moderate Buy" consensus.
• Shares opened at $83.55 (market cap ~$813M) and trade in a 12‑month range of $23.17–$123.75; the company reported Q results with EPS of −$0.70 (beating estimates) and analysts forecast ~−1.24 EPS for the fiscal year.
• Bright Minds is a clinical‑stage biotech developing orally administered, psychedelic‑inspired small molecules for mental‑health and neurodegenerative disorders, with lead candidate BMB‑101 targeting the 5‑HT2A receptor for mood and anxiety indications.

Equities research analysts at Jefferies Financial Group started coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) in a note issued to investors on Monday,Benzinga reports. The brokerage set a "buy" rating and a $145.00 price target on the stock. Jefferies Financial Group's price objective would indicate a potential upside of 73.55% from the company's previous close.

Several other research firms have also commented on DRUG. BTIG Research restated a "buy" rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Bright Minds Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, March 21st. Chardan Capital restated a "buy" rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Finally, HC Wainwright upped their price target on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $128.60.

Bright Minds Biosciences Price Performance

NASDAQ:DRUG opened at $83.55 on Monday. The business has a 50 day simple moving average of $77.46 and a 200 day simple moving average of $73.43. The firm has a market capitalization of $813.11 million, a P/E ratio of -43.29 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 released its quarterly earnings results on Thursday, February 12th. The company reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.98) by $0.28. Research analysts anticipate that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada grew its position in Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company's stock valued at $40,000 after buying an additional 372 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Bright Minds Biosciences by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company's stock valued at $973,000 after buying an additional 861 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Bright Minds Biosciences in the 3rd quarter valued at about $58,000. Gordian Capital Singapore Pte Ltd bought a new position in Bright Minds Biosciences in the 3rd quarter valued at about $73,000. Finally, JPMorgan Chase & Co. grew its position in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock valued at $57,000 after buying an additional 1,873 shares in the last quarter. Institutional investors own 40.52% of the company's stock.

About Bright Minds Biosciences

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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