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

Equities research analysts at TD Cowen started coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) in a report released on Tuesday. The firm set a "buy" rating on the stock.

A number of other analysts also recently commented on the stock. HC Wainwright restated a "buy" rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. Chardan Capital started coverage on Bright Minds Biosciences in a research note on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price for the company. Finally, Piper Sandler initiated coverage on Bright Minds Biosciences in a research note on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 target price for the company. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $83.25.

Bright Minds Biosciences Price Performance

Shares of NASDAQ DRUG traded up $1.39 during mid-day trading on Tuesday, hitting $34.01. The company had a trading volume of 32,098 shares, compared to its average volume of 820,954. The company has a market capitalization of $239.57 million, a PE ratio of -200.05 and a beta of -5.32. The business's 50-day simple moving average is $32.99 and its 200 day simple moving average is $37.10. Bright Minds Biosciences has a 1-year low of $0.93 and a 1-year high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.24. On average, analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atika Capital Management LLC bought a new stake in Bright Minds Biosciences during the 4th quarter valued at approximately $540,000. Springhill Fund Asset Management HK Co Ltd purchased a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at $2,185,000. Walleye Capital LLC bought a new position in Bright Minds Biosciences in the 4th quarter worth about $3,717,000. Vivo Capital LLC purchased a new stake in Bright Minds Biosciences in the fourth quarter worth about $9,062,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Bright Minds Biosciences in the 4th quarter worth $4,773,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

About Bright Minds Biosciences

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.

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