Bright Minds Biosciences Inc. (NASDAQ:DRUG) Stock Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analyst sentiment is broadly positive: Twelve firms give Bright Minds Biosciences a consensus “Moderate Buy” rating—nine Buy, one Strong Buy, and two Hold—with an average 12-month price target of $126.29.
• Some analysts have turned more cautious: BTIG reiterated Buy but slashed its price target from $147 to $37; other firms also downgraded their ratings, including Zacks Research to Hold and Wall Street Zen to Sell.
• The company reported quarterly adjusted loss of $0.17 per share, better than the consensus estimate of a $1.22 loss. Shares opened at $23, compared with a 52-week range of $17.40 to $123.75.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twelve research firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $126.29.

Several equities research analysts recently issued reports on DRUG shares. Zacks Research lowered shares of Bright Minds Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 15th. Wall Street Zen downgraded shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, October 3rd. Oppenheimer downgraded shares of Bright Minds Biosciences to a "market perform" rating in a report on Thursday, August 20th. BTIG Research reiterated a "buy" rating and issued a $37.00 price target (down from $147.00) on shares of Bright Minds Biosciences in a research report on Monday, November 2nd. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Bright Minds Biosciences in a research note on Monday, November 2nd.

Bright Minds Biosciences Stock Performance

NASDAQ:DRUG opened at $23.00 on Friday. The stock has a 50-day simple moving average of $53.69 and a two-hundred day simple moving average of $71.66. Bright Minds Biosciences has a 52-week low of $17.40 and a 52-week high of $123.75. The firm has a market capitalization of $223.79 million, a PE ratio of -11.06 and a beta of -5.11.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC lifted its position 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 valued at $93,518,000 after purchasing an additional 128,329 shares during the last quarter. Vivo Capital LLC grew its stake in shares of Bright Minds Biosciences by 11.1% in the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company's stock worth $40,657,000 after buying an additional 55,555 shares in the last quarter. Orbimed Advisors LLC purchased a new position in shares of Bright Minds Biosciences in the 1st quarter worth $2,919,000. ADAR1 Capital Management LLC grew its position 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 worth $2,474,000 after acquiring an additional 30,400 shares in the last quarter. Finally, Walleye Capital LLC raised its position in Bright Minds Biosciences by 108.0% during the first quarter. Walleye Capital LLC now owns 53,706 shares of the company's stock valued at $3,919,000 after purchasing an additional 27,880 shares during the period. Institutional investors own 40.52% of the company's stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing novel treatments for neurological and psychiatric disorders. The company's research is centered on serotonergic compounds designed to provide therapeutic benefits associated with psychedelic medicines while potentially reducing unwanted effects such as hallucinations and cardiovascular or behavioral complications.

Bright Minds' pipeline includes BMB-101, a selective serotonin 5-HT2C receptor agonist being developed for conditions including substance use disorders.

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