Bright Minds Biosciences’ (DRUG) Buy Rating Reaffirmed at HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research note issued on Tuesday,Benzinga reports. They presently have a $115.00 price target on the stock. HC Wainwright’s price target would indicate a potential upside of 45.73% from the stock’s previous close.

Other analysts have also issued reports about the company. Chardan Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a report on Wednesday, November 19th. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Finally, BTIG Research initiated coverage on shares of Bright Minds Biosciences in a research report on Monday, September 8th. They set a “buy” rating and a $72.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $90.00.

Bright Minds Biosciences Trading Up 1.0%

DRUG stock traded up $0.79 during midday trading on Tuesday, reaching $78.91. The company had a trading volume of 31,907 shares, compared to its average volume of 81,338. The company has a 50 day moving average of $68.61 and a two-hundred day moving average of $50.36. The company has a market capitalization of $614.72 million, a P/E ratio of -65.06 and a beta of -6.22. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $97.75.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DRUG. Russell Investments Group Ltd. acquired a new stake in Bright Minds Biosciences during the third quarter worth about $58,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Bright Minds Biosciences in the 2nd quarter valued at approximately $28,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Bright Minds Biosciences in the 3rd quarter worth approximately $73,000. JPMorgan Chase & Co. grew its holdings in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after purchasing an additional 1,873 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bright Minds Biosciences during the second quarter valued at approximately $66,000. 40.52% of the stock is owned by institutional investors.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.