BTIG Research Reiterates "Buy" Rating for Bright Minds Biosciences (NASDAQ:DRUG)

Key Points

• BTIG Research reaffirmed its “Buy” rating on Bright Minds Biosciences and set a $147 price target, implying approximately 88% upside from the stock’s reported $78.19 price.
• Analyst sentiment remains positive overall, with the company holding an average “Buy” rating and an average price target of $143.83; Piper Sandler has the highest target at $220.
• Bright Minds reported quarterly earnings of a $0.17 loss per share, beating the consensus estimate of a $1.39 loss, while institutional investors and hedge funds collectively own 40.52% of the stock.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report)'s stock had its "buy" rating restated by BTIG Research in a research note issued to investors on Monday,Benzinga reports. They currently have a $147.00 price objective on the stock. BTIG Research's price target indicates a potential upside of 87.99% from the stock's current price.

Several other brokerages have also issued reports on DRUG. Piper Sandler reiterated an "overweight" rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. HC Wainwright restated a "buy" rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a report on Monday, June 1st. Zacks Research raised shares of Bright Minds Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Bright Minds Biosciences from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 4th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $143.83.

Bright Minds Biosciences Price Performance

DRUG traded up $1.75 during trading on Monday, reaching $78.19. 134,489 shares of the stock traded hands, compared to its average volume of 229,366. The stock has a market cap of $760.84 million, a price-to-earnings ratio of -37.52 and a beta of -5.27. Bright Minds Biosciences has a fifty-two week low of $38.00 and a fifty-two week high of $123.75. The stock's 50-day simple moving average is $70.69 and its two-hundred day simple moving average is $77.10.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its earnings results on Friday, August 14th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($1.39) by $1.22. Research analysts anticipate that Bright Minds Biosciences will post -4.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company's stock valued at $40,000 after purchasing an additional 372 shares during the period. Russell Investments Group Ltd. acquired a new stake in Bright Minds Biosciences in the 3rd quarter valued at approximately $58,000. JPMorgan Chase & Co. increased its position in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock worth $57,000 after buying an additional 1,873 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bright Minds Biosciences in the 2nd quarter worth approximately $66,000. Finally, Strs Ohio lifted its holdings in shares of Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company's stock worth $197,000 after buying an additional 1,800 shares during the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.

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