Bright Minds Biosciences’ (DRUG) “Buy” Rating Reiterated at HC Wainwright

by · The Markets Daily

HC Wainwright restated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG – Free Report) in a report published on Monday,Benzinga reports. They currently have a $85.00 target price on the stock.

Several other equities research analysts also recently weighed in on DRUG. BTIG Research started coverage on shares of Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 target price for the company. Chardan Capital reissued a “buy” rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research report on Wednesday, July 2nd. Finally, Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $81.00.

Read Our Latest Stock Report on DRUG

Bright Minds Biosciences Price Performance

Bright Minds Biosciences stock opened at $44.68 on Monday. Bright Minds Biosciences has a 12-month low of $0.94 and a 12-month high of $79.02. The company has a market capitalization of $314.55 million, a price-to-earnings ratio of -48.04 and a beta of -6.14. The firm’s fifty day moving average price is $37.61 and its 200 day moving average price is $33.24.

Bright Minds Biosciences (NASDAQ:DRUG – Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.06. Analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in DRUG. Millennium Management LLC raised its holdings in shares of Bright Minds Biosciences by 376.9% in the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after purchasing an additional 152,178 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Bright Minds Biosciences in the 4th quarter worth approximately $4,870,000. Adage Capital Partners GP L.L.C. raised its holdings in shares of Bright Minds Biosciences by 50.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after purchasing an additional 67,500 shares in the last quarter. Geode Capital Management LLC bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth approximately $1,502,000. Finally, Goldman Sachs Group Inc. bought a new stake in shares of Bright Minds Biosciences in the 1st quarter worth approximately $802,000. 40.52% of the stock is currently owned by institutional investors.

About Bright Minds Biosciences

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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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