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

Key Points

• Analysts maintain a “Buy” consensus for Bright Minds Biosciences, with seven buy ratings, one strong buy, and one hold among nine analysts. The average 12-month price target is $143.83, although Oppenheimer recently downgraded the stock to “market perform.”
• Institutional investors hold 40.52% of the company, with firms including Vivo Capital, Millennium Management, and Ikarian Capital significantly increasing their positions.
• DRUG opened at $77.03, down 0.5%, while its latest quarterly loss of $0.17 per share was substantially better than analysts’ expected loss of $1.22.

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have earned a consensus recommendation of "Buy" from the nine analysts that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $143.8333.

A number of equities analysts recently commented on DRUG shares. Oppenheimer cut Bright Minds Biosciences to a "market perform" rating in a report on Thursday. Piper Sandler reiterated an "overweight" rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Benchmark reaffirmed a "buy" rating on shares of Bright Minds Biosciences in a report on Thursday. BTIG Research reaffirmed a "buy" rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Finally, HC Wainwright reiterated a "buy" rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th.

Institutional Investors Weigh In On Bright Minds Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vivo Capital LLC lifted its stake in Bright Minds Biosciences by 99.4% in the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company's stock valued at $30,428,000 after purchasing an additional 250,045 shares during the last quarter. MPM Bioimpact LLC acquired a new position in shares of Bright Minds Biosciences during the fourth quarter worth $17,961,000. Balyasny Asset Management L.P. bought a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at $11,339,000. Millennium Management LLC boosted its holdings in shares of Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company's stock valued at $6,946,000 after acquiring an additional 152,178 shares in the last quarter. Finally, Ikarian Capital LLC grew its position in Bright Minds Biosciences by 933.1% during the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company's stock worth $12,441,000 after acquiring an additional 143,990 shares during the last quarter. 40.52% of the stock is owned by institutional investors.

Bright Minds Biosciences Stock Down 0.5%

DRUG stock opened at $77.03 on Tuesday. The company has a market cap of $749.66 million, a price-to-earnings ratio of -37.03 and a beta of -5.27. Bright Minds Biosciences has a twelve month low of $38.00 and a twelve month high of $123.75. The business has a 50 day moving average price of $72.79 and a two-hundred day moving average price of $77.11.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its quarterly earnings data on Monday, August 17th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($1.22) by $1.05. On average, equities research analysts anticipate that Bright Minds Biosciences will post -2.93 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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