TD Cowen Begins Coverage on Bright Minds Biosciences (NASDAQ:DRUG)

TD Cowen initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG - Free Report) in a research report released on Tuesday, MarketBeat.com reports. The firm issued a buy rating on the stock.

Several other brokerages also recently weighed in on DRUG. Piper Sandler began coverage on shares of Bright Minds Biosciences in a report on Thursday, January 23rd. They set an "overweight" rating and a $93.00 price target on the stock. Chardan Capital started coverage on shares of Bright Minds Biosciences in a report on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Six equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $83.25.

Bright Minds Biosciences Trading Up 2.0%

NASDAQ:DRUG traded up $0.64 on Tuesday, reaching $33.00. 44,619 shares of the stock traded hands, compared to its average volume of 827,809. The company has a market capitalization of $232.45 million, a price-to-earnings ratio of -194.11 and a beta of -5.32. Bright Minds Biosciences has a 12 month low of $0.93 and a 12 month high of $79.02. The company's fifty day simple moving average is $32.86 and its 200 day simple moving average is $36.77.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The company reported ($0.29) EPS for the quarter, topping analysts' consensus estimates of ($0.38) by $0.09. Equities analysts anticipate that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DRUG. Bank of America Corp DE bought a new position in shares of Bright Minds Biosciences in the fourth quarter worth about $173,000. Jane Street Group LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at about $238,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Bright Minds Biosciences during the first quarter valued at about $505,000. Atika Capital Management LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at about $540,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of Bright Minds Biosciences in the 1st quarter valued at approximately $802,000. Institutional investors own 40.52% of the company's stock.

Bright Minds Biosciences Company Profile

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.