Bright Minds Biosciences (NASDAQ:DRUG) Given Buy Rating at HC Wainwright

Key Points

• Bright Minds Biosciences' stock received a reaffirmed "buy" rating from HC Wainwright, with a price target of $85.00, indicating a potential upside of 74.36% from its current price.
• The company reported a quarterly EPS of ($0.53), exceeding analysts' expectations of ($0.59).
• Bright Minds has an average stock rating of "Buy," with nine analysts giving forecasts and a current average price target of $81.00.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $85.00 price objective on the stock. HC Wainwright's price objective points to a potential upside of 74.36% from the stock's current price.

A number of other research firms also recently commented on DRUG. Cantor Fitzgerald restated an "overweight" rating on shares of Bright Minds Biosciences in a research report on Wednesday, July 2nd. Chardan Capital restated a "buy" rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. BTIG Research began coverage on shares of Bright Minds Biosciences in a research report on Monday, September 8th. They set a "buy" rating and a $72.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Bright Minds Biosciences presently has an average rating of "Buy" and an average target price of $81.00.

Bright Minds Biosciences Trading Down 1.3%

DRUG stock opened at $48.75 on Monday. Bright Minds Biosciences has a 52 week low of $0.94 and a 52 week high of $79.02. The company has a market capitalization of $343.20 million, a price-to-earnings ratio of -52.42 and a beta of -6.13. The firm's 50-day moving average is $36.45 and its two-hundred day moving average is $32.99.

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

Institutional Trading of Bright Minds Biosciences

Several large investors have recently added to or reduced their stakes in the business. Sio Capital Management LLC grew its position in Bright Minds Biosciences by 0.9% in the second quarter. Sio Capital Management LLC now owns 512,338 shares of the company's stock worth $13,377,000 after acquiring an additional 4,776 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Bright Minds Biosciences by 50.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company's stock worth $7,214,000 after buying an additional 67,500 shares during the period. Millennium Management LLC boosted its holdings in shares of Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company's stock worth $6,946,000 after buying an additional 152,178 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Bright Minds Biosciences during the 4th quarter worth $4,870,000. Finally, Geode Capital Management LLC bought a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth $1,502,000. 40.52% of the stock is owned by institutional investors.

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.

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