Bright Minds Biosciences (NASDAQ:DRUG) Earns Buy Rating from Analysts at BTIG Research

Key Points

• BTIG Research has initiated coverage on Bright Minds Biosciences (NASDAQ:DRUG) with a "buy" rating and a price target of $72.00, indicating a potential upside of 70.45% from its previous close.
• Currently, the stock has a consensus rating of "Buy" from analysts, with an average price target of $81.00.
• Bright Minds Biosciences’ stock has performed strongly, with a significant past performance, including reaching a 52-week high of $79.02.

Investment analysts at BTIG Research began coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) in a report released on Monday, Marketbeat Ratings reports. The firm set a "buy" rating and a $72.00 price target on the stock. BTIG Research's price objective points to a potential upside of 47.69% from the company's current price.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. HC Wainwright reaffirmed a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a report on Tuesday, August 19th. Cowen started coverage on Bright Minds Biosciences in a report on Tuesday, May 13th. They issued a "buy" rating on the stock. Wall Street Zen cut Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, May 21st. One research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $81.00.

Bright Minds Biosciences Stock Performance

Shares of Bright Minds Biosciences stock traded down $0.63 during trading hours on Monday, hitting $48.75. The company's stock had a trading volume of 80,383 shares, compared to its average volume of 68,790. The business has a 50 day moving average price of $36.45 and a two-hundred day moving average price of $33.00. Bright Minds Biosciences has a 12-month low of $0.94 and a 12-month high of $79.02. The company has a market cap of $343.20 million, a PE ratio of -52.42 and a beta of -6.14.

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, beating the consensus estimate of ($0.59) by $0.06. As a group, research analysts anticipate that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently added to or reduced their stakes in DRUG. Police & Firemen s Retirement System of New Jersey bought a new stake in Bright Minds Biosciences during the second quarter worth approximately $28,000. JPMorgan Chase & Co. increased its stake in Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock worth $57,000 after acquiring an additional 1,873 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Bright Minds Biosciences during the second quarter worth approximately $66,000. New York State Common Retirement Fund bought a new position in shares of Bright Minds Biosciences during the second quarter valued at approximately $107,000. Finally, Bank of America Corp DE bought a new position in shares of Bright Minds Biosciences during the fourth quarter valued at approximately $173,000. 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.