Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives $121.00 Consensus Target Price from Brokerages

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $121.00.

A number of research firms have commented on DRUG. Robert W. Baird set a $142.00 price target on Bright Minds Biosciences in a report on Wednesday, January 7th. 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 downgraded Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. BTIG Research increased their price objective on shares of Bright Minds Biosciences from $72.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st.

Bright Minds Biosciences Price Performance

DRUG opened at $74.88 on Friday. The company has a 50 day simple moving average of $83.10 and a two-hundred day simple moving average of $62.62. The firm has a market cap of $728.58 million, a P/E ratio of -61.38 and a beta of -6.18. Bright Minds Biosciences has a 1-year low of $23.17 and a 1-year high of $123.75.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Bright Minds Biosciences in the 2nd quarter worth approximately $28,000. JPMorgan Chase & Co. increased its position in Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Bright Minds Biosciences during the third quarter valued at $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Bright Minds Biosciences in the second quarter valued at $66,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Bright Minds Biosciences in the 3rd quarter worth about $73,000. 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.