Bright Minds Biosciences Inc. (DRUG) – What Are Researchers Saying About This Stock?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been given a consensus rating of “Moderate Buy” by the ten ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $143.83.

A number of equities research analysts have commented on DRUG shares. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Benchmark reaffirmed a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Lifesci Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, September 28th. Oppenheimer cut shares of Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. Finally, HC Wainwright reissued a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Strs Ohio increased its holdings in shares of Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after acquiring an additional 1,800 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Bright Minds Biosciences during the second quarter worth approximately $380,000. Seven Fleet Capital Management LP acquired a new position in shares of Bright Minds Biosciences during the first quarter worth approximately $467,000. Sei Investments Co. acquired a new position in shares of Bright Minds Biosciences during the first quarter worth approximately $816,000. Finally, AdvisorShares Investments LLC lifted its holdings in shares of Bright Minds Biosciences by 26.8% in the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after purchasing an additional 2,669 shares in the last quarter. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Stock Down 4.9%

Shares of DRUG stock opened at $51.36 on Wednesday. The firm has a 50 day moving average of $65.86 and a 200-day moving average of $72.61. The company has a market cap of $499.73 million, a price-to-earnings ratio of -24.69 and a beta of -5.22. Bright Minds Biosciences has a 52 week low of $47.23 and a 52 week high of $123.75.

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

About Bright Minds Biosciences

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.