Cantor Fitzgerald Upgrades Bright Minds Biosciences (NASDAQ:DRUG) to "Strong-Buy"

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) was upgraded by research analysts at Cantor Fitzgerald to a "strong-buy" rating in a research note issued on Tuesday, May 13th,Zacks.com reports. Cantor Fitzgerald also issued estimates for Bright Minds Biosciences' FY2025 earnings at ($0.87) EPS.

A number of other analysts have also recently weighed in on the company. Cowen started coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They issued a "buy" rating for the company. HC Wainwright reaffirmed a "buy" rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. TD Cowen started coverage on shares of Bright Minds Biosciences in a research report on Tuesday, May 13th. They issued a "buy" rating on the stock. Piper Sandler started coverage on shares of Bright Minds Biosciences in a research note on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 price objective for the company. Finally, Chardan Capital assumed coverage on shares of Bright Minds Biosciences in a research note on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $83.25.

Bright Minds Biosciences Price Performance

NASDAQ:DRUG traded down $0.51 during mid-day trading on Tuesday, reaching $31.48. The stock had a trading volume of 23,746 shares, compared to its average volume of 821,412. The stock has a market cap of $221.75 million, a P/E ratio of -185.17 and a beta of -5.32. The business's 50 day moving average is $32.77 and its 200 day moving average is $36.59. Bright Minds Biosciences has a fifty-two week low of $0.93 and a fifty-two week high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.09. Equities analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new stake in shares of Bright Minds Biosciences in the 4th quarter worth approximately $173,000. Jane Street Group LLC acquired a new position in shares of Bright Minds Biosciences in the fourth quarter valued at $238,000. OMERS ADMINISTRATION Corp bought a new position in Bright Minds Biosciences in the first quarter worth $505,000. Atika Capital Management LLC acquired a new stake in Bright Minds Biosciences during the fourth quarter worth $540,000. Finally, Goldman Sachs Group Inc. bought a new stake in Bright Minds Biosciences in the 1st quarter valued at $802,000. 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.