Bright Minds Biosciences (NASDAQ:DRUG) Now Covered by Chardan Capital

Chardan Capital began coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG - Free Report) in a research report report published on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $80.00 target price on the stock.

DRUG has been the topic of several other reports. HC Wainwright reissued a "buy" rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Piper Sandler started coverage on 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, Cantor Fitzgerald assumed coverage on Bright Minds Biosciences in a research report on Friday, January 10th. They set an "overweight" rating for the company. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $83.25.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG traded down $0.02 on Wednesday, reaching $32.04. The company's stock had a trading volume of 24,001 shares, compared to its average volume of 824,007. The firm's 50 day moving average is $33.05 and its two-hundred day moving average is $37.36. The stock has a market cap of $225.69 million, a PE ratio of -188.46 and a beta of -5.32. Bright Minds Biosciences has a twelve month low of $0.93 and a twelve month high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.24. Equities research analysts anticipate that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors have recently added to or reduced their stakes in DRUG. Atika Capital Management LLC acquired a new position in shares of Bright Minds Biosciences during the 4th quarter worth $540,000. Springhill Fund Asset Management HK Co Ltd acquired a new position in Bright Minds Biosciences during the fourth quarter worth $2,185,000. Walleye Capital LLC bought a new position in Bright Minds Biosciences during the fourth quarter valued at about $3,717,000. Vivo Capital LLC acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter worth about $9,062,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter worth about $4,773,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.