Bright Minds Biosciences (NASDAQ:DRUG) Earns Buy Rating from Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG - Free Report) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $80.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler started coverage on shares of Bright Minds Biosciences in a report on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 target price on the stock. TD Cowen assumed coverage on shares of Bright Minds Biosciences in a research note 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 note on Wednesday, February 19th. Cantor Fitzgerald upgraded shares of Bright Minds Biosciences to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Cowen started coverage on Bright Minds Biosciences in a report on Tuesday, May 13th. They set a "buy" rating on the stock. One investment analyst has rated the stock with a sell rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Bright Minds Biosciences has a consensus rating of "Buy" and an average target price of $83.25.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ DRUG traded down $1.21 during midday trading on Wednesday, reaching $29.01. 26,810 shares of the company's stock were exchanged, compared to its average volume of 828,217. Bright Minds Biosciences has a 52-week low of $0.93 and a 52-week high of $79.02. The business's fifty day moving average price is $32.34 and its two-hundred day moving average price is $35.98. The stock has a market capitalization of $204.35 million, a PE ratio of -170.64 and a beta of -5.32.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported ($0.29) EPS for the quarter, topping analysts' consensus estimates of ($0.39) by $0.10. Analysts predict that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. purchased a new stake in Bright Minds Biosciences in the 1st quarter worth approximately $802,000. Millennium Management LLC increased its stake in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company's stock worth $6,946,000 after acquiring an additional 152,178 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Bright Minds Biosciences by 50.9% during the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company's stock worth $7,214,000 after acquiring an additional 67,500 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in Bright Minds Biosciences during the first quarter valued at $505,000. Finally, Point72 Asset Management L.P. purchased a new position in Bright Minds Biosciences in the fourth quarter valued at about $4,870,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

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.