Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Bright Minds Biosciences has a “Moderate Buy” consensus from nine analysts, with seven buy ratings and two hold ratings. The average 12-month price target is $143.83, well above the reported $60.98 share price.
• Institutional investors own 40.52% of the company, with several funds increasing their positions, including Janus Henderson, Vivo Capital, ADAR1 Capital Management, and Walleye Capital.
• The company reported quarterly EPS of -$0.17, beating the analyst estimate of -$1.22. Bright Minds is developing selective serotonin receptor therapies, including lead program BMB-101, for neuropsychiatric and neurological disorders.

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have earned an average recommendation of "Moderate Buy" from the nine ratings firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $143.8333.

A number of equities analysts have issued reports on DRUG shares. HC Wainwright restated a "buy" rating and set a $145.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, August 19th. Benchmark reaffirmed a "buy" rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. BTIG Research reiterated a "buy" rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Oppenheimer lowered shares of Bright Minds Biosciences to a "market perform" rating in a research note on Thursday, August 20th. Finally, Zacks Research cut shares of Bright Minds Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in DRUG. Orbimed Advisors LLC bought a new stake in shares of Bright Minds Biosciences in the 1st quarter valued at $2,919,000. Janus Henderson Group PLC lifted its holdings in Bright Minds Biosciences by 11.1% during the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company's stock worth $93,518,000 after acquiring an additional 128,329 shares in the last quarter. Vivo Capital LLC lifted its holdings in Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company's stock worth $40,657,000 after acquiring an additional 55,555 shares in the last quarter. ADAR1 Capital Management LLC grew its stake in Bright Minds Biosciences by 868.6% in the first quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company's stock valued at $2,474,000 after acquiring an additional 30,400 shares during the period. Finally, Walleye Capital LLC grew its stake in Bright Minds Biosciences by 108.0% in the first quarter. Walleye Capital LLC now owns 53,706 shares of the company's stock valued at $3,919,000 after acquiring an additional 27,880 shares during the period. 40.52% of the stock is owned by institutional investors.

Bright Minds Biosciences Stock Down 0.9%

DRUG stock opened at $60.98 on Friday. Bright Minds Biosciences has a twelve month low of $48.90 and a twelve month high of $123.75. The company has a market cap of $593.34 million, a P/E ratio of -29.32 and a beta of -5.36. The business's fifty day moving average is $73.15 and its 200-day moving average is $75.32.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings data on Monday, August 17th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($1.22) by $1.05. Research analysts anticipate that Bright Minds Biosciences will post -2.93 earnings per share for the current fiscal year.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapies for neuropsychiatric and neurological disorders. The company's research centers on selective serotonin receptor agonists designed to address conditions such as treatment-resistant depression, substance use disorders and other disorders involving disrupted brain signaling.

Bright Minds' lead program, BMB-101, is an orally administered, selective 5-HT2C receptor agonist being developed as a potential treatment for conditions including substance use disorder and related neuropsychiatric indications.

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