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

Key Points

• Bright Minds Biosciences (NASDAQ:DRUG) received a "buy" rating from HC Wainwright with a price target of $85.00, indicating a potential upside of 101.21% from its previous close.
• The company's stock experienced a decline of 7.3%, trading at $42.2450, despite being rated as a "buy" by several firms including TD Cowen and Chardan Capital.
• Bright Minds posted a quarterly EPS of ($0.53), beating analysts' expectations, and is expected to report an annual EPS of -1.24 for the current year.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report)'s stock had its "buy" rating reissued by analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They currently have a $85.00 price target on the stock. HC Wainwright's price objective indicates a potential upside of 93.36% from the stock's previous close. HC Wainwright also issued estimates for Bright Minds Biosciences' FY2025 earnings at ($1.86) EPS, Q2 2026 earnings at ($1.29) EPS, Q4 2026 earnings at ($1.83) EPS, FY2026 earnings at ($5.76) EPS, FY2027 earnings at ($5.87) EPS and FY2028 earnings at ($5.95) EPS.

DRUG has been the subject of several other research reports. TD Cowen assumed coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating for the company. Cowen assumed coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating for the company. Chardan Capital restated a "buy" rating and set a $80.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. Cantor Fitzgerald restated an "overweight" rating on shares of Bright Minds Biosciences in a research report on Wednesday, July 2nd. Finally, Wall Street Zen downgraded Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $83.25.

Bright Minds Biosciences Trading Up 4.3%

DRUG traded up $1.83 during midday trading on Tuesday, reaching $43.96. The company's stock had a trading volume of 29,142 shares, compared to its average volume of 56,394. The stock has a market cap of $309.48 million, a P/E ratio of -47.27 and a beta of -6.07. The company has a fifty day simple moving average of $31.70 and a 200 day simple moving average of $32.71. Bright Minds Biosciences has a twelve month low of $0.94 and a twelve month high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.53) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.06. Sell-side analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of DRUG. Janus Henderson Group PLC acquired a new stake in Bright Minds Biosciences during the 4th quarter valued at $18,392,000. RA Capital Management L.P. acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at $16,599,000. Millennium Management LLC increased its stake 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 buying an additional 152,178 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at $4,870,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at $4,773,000. 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.