Bright Minds Biosciences Inc. (NASDAQ:DRUG) Stock Now Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Analysts rate Bright Minds Biosciences “Moderate Buy”: Seven analysts recommend buying the stock, two recommend holding, and one gives a strong-buy rating. The average 12-month price target is $143.83.
• DRUG opened at $51.36, compared with a one-year range of $47.23 to $123.75, and has a market capitalization of approximately $499.7 million.
• The company reported quarterly EPS of negative $0.17, beating the consensus estimate of negative $1.22. Institutional investors and hedge funds own approximately 40.52% of the stock.

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the ten research firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $143.83.

DRUG has been the topic of a number of recent analyst reports. Oppenheimer downgraded shares of Bright Minds Biosciences to a "market perform" rating in a research report on Thursday, August 20th. HC Wainwright reiterated a "buy" rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. BTIG Research reiterated a "buy" rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Wall Street Zen downgraded shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, October 3rd. Finally, Benchmark restated a "buy" rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th.

Bright Minds Biosciences Price Performance

Bright Minds Biosciences stock opened at $51.36 on Wednesday. The stock's 50 day moving average is $65.86 and its 200 day moving average is $72.61. The firm has a market cap of $499.73 million, a P/E ratio of -24.69 and a beta of -5.22. Bright Minds Biosciences has a one year low of $47.23 and a one year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($1.22) by $1.05. Equities analysts anticipate that Bright Minds Biosciences will post -2.93 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of large investors have recently bought and sold shares of DRUG. Engineers Gate Manager LP bought a new position in shares of Bright Minds Biosciences in the 2nd quarter worth about $380,000. Bank of New York Mellon Corp bought a new stake in shares of Bright Minds Biosciences during the 2nd quarter valued at about $1,046,000. Seven Fleet Capital Management LP bought a new stake in shares of Bright Minds Biosciences during the 1st quarter valued at about $467,000. Vivo Capital LLC boosted its position in shares of Bright Minds Biosciences by 11.1% during the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company's stock valued at $40,657,000 after purchasing an additional 55,555 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company's stock worth $1,417,000 after purchasing an additional 4,347 shares during the period. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company's research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds' lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.

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