HC Wainwright Reaffirms "Buy" Rating for Bright Minds Biosciences (NASDAQ:DRUG)

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.

HC Wainwright reiterated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG - Free Report) in a research note published on Monday morning,Benzinga reports. The firm currently has a $85.00 price objective on the stock.

Other analysts have also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Bright Minds Biosciences in a research note on Wednesday, July 2nd. BTIG Research began coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They issued a "buy" rating and a $72.00 price target for the company. Chardan Capital reiterated a "buy" rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a report on Wednesday, May 21st. 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 equities research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $81.00.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG traded up $2.45 during trading hours on Monday, hitting $52.60. 65,366 shares of the company's stock traded hands, compared to its average volume of 54,273. The business has a fifty day moving average price of $38.10 and a 200-day moving average price of $33.34. Bright Minds Biosciences has a 1 year low of $0.94 and a 1 year high of $79.02. The firm has a market capitalization of $370.30 million, a P/E ratio of -56.88 and a beta of -6.14.

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

Institutional Trading of Bright Minds Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter worth approximately $238,000. Bank of America Corp DE acquired a new stake in shares of Bright Minds Biosciences during the 4th quarter worth $173,000. Millennium Management LLC purchased a new position in shares of Bright Minds Biosciences in the 4th quarter worth $1,454,000. Point72 Asset Management L.P. purchased a new stake in Bright Minds Biosciences during the fourth quarter valued at about $4,870,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Bright Minds Biosciences during the first quarter valued at about $505,000. Hedge funds and other institutional investors own 40.52% of the company's stock.

About Bright Minds Biosciences

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.