Bright Minds Biosciences (NASDAQ:DRUG) Earns "Buy" Rating from HC Wainwright

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Bright Minds Biosciences and set a $145 price target, implying approximately 71% upside from the reported $84.78 share price.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and average price target of $143.83; Piper Sandler raised its target to $220, while BTIG assigned a $147 target.
• Bright Minds reported quarterly EPS of -$0.17, beating the consensus estimate of -$1.23. Institutional investors own 40.52% of the company, and several major funds recently increased their positions.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report)'s stock had its "buy" rating restated by equities researchers at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $145.00 target price on the stock. HC Wainwright's price objective would suggest a potential upside of 71.03% from the company's current price.

Several other equities research analysts also recently issued reports on DRUG. Zacks Research upgraded shares of Bright Minds Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Wall Street Zen raised Bright Minds Biosciences from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 4th. Piper Sandler restated an "overweight" rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $143.83.

Bright Minds Biosciences Stock Up 0.9%

Shares of NASDAQ DRUG traded up $0.74 during trading hours on Wednesday, hitting $84.78. The company had a trading volume of 47,971 shares, compared to its average volume of 228,660. Bright Minds Biosciences has a 1-year low of $38.00 and a 1-year high of $123.75. The firm's 50 day moving average is $71.30 and its 200-day moving average is $77.09. The stock has a market capitalization of $825.09 million, a P/E ratio of -40.67 and a beta of -5.27.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last posted its quarterly earnings results on Monday, August 17th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.23) by $1.06. On average, sell-side analysts predict that Bright Minds Biosciences will post -4.86 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC raised its holdings in Bright Minds Biosciences by 11.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company's stock valued at $93,518,000 after acquiring an additional 128,329 shares in the last quarter. Vivo Capital LLC grew its stake in Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company's stock worth $40,657,000 after buying an additional 55,555 shares in the last quarter. Braidwell LP raised its position in shares of Bright Minds Biosciences by 6.8% in the 4th quarter. Braidwell LP now owns 324,358 shares of the company's stock valued at $25,313,000 after buying an additional 20,673 shares in the last quarter. MPM Bioimpact LLC bought a new stake in shares of Bright Minds Biosciences during the 4th quarter worth approximately $17,961,000. Finally, Balyasny Asset Management L.P. boosted its position in shares of Bright Minds Biosciences by 20.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 225,412 shares of the company's stock worth $17,591,000 after acquiring an additional 38,490 shares in the last quarter. 40.52% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source