Chardan Capital Reiterates Buy Rating for Bright Minds Biosciences (NASDAQ:DRUG)

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Chardan Capital in a research note issued on Wednesday,Benzinga reports. They presently have a $80.00 target price on the stock. Chardan Capital's target price would suggest a potential upside of 150.71% from the company's previous close.

Several other equities analysts have also recently issued reports on DRUG. HC Wainwright reiterated a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Cowen initiated coverage on shares of Bright Minds Biosciences in a research report on Tuesday, May 13th. They issued a "buy" rating for the company. Piper Sandler began coverage on shares of Bright Minds Biosciences in a research note on Thursday, January 23rd. They set an "overweight" rating and a $93.00 target price on the stock. TD Cowen initiated coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating on the stock. Finally, Cantor Fitzgerald raised Bright Minds Biosciences to a "strong-buy" rating in a report on Tuesday, May 13th. Six equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $83.25.

Bright Minds Biosciences Stock Down 1.7%

Shares of DRUG stock traded down $0.55 on Wednesday, hitting $31.91. The company had a trading volume of 2,346 shares, compared to its average volume of 821,474. Bright Minds Biosciences has a twelve month low of $0.93 and a twelve month high of $79.02. The firm has a market cap of $224.77 million, a P/E ratio of -187.69 and a beta of -5.32. The company has a 50-day moving average price of $32.70 and a 200-day moving average price of $36.56.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.10. Equities research analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of DRUG. Bank of America Corp DE acquired a new stake in Bright Minds Biosciences in the 4th quarter worth about $173,000. Jane Street Group LLC purchased a new position in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $238,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Bright Minds Biosciences in the first quarter worth approximately $505,000. Atika Capital Management LLC acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter worth approximately $540,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Bright Minds Biosciences during the first quarter worth approximately $802,000. Institutional investors and hedge funds 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.

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