Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned an average recommendation of “Moderate Buy” from the seven analysts that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $143.8333.

Several research firms recently issued reports on DRUG. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. HC Wainwright reiterated a “buy” rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a report on Monday, June 1st. BTIG Research reiterated a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a report on Monday, March 30th. Piper Sandler reiterated an “overweight” rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Finally, Jefferies Financial Group began coverage on Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 price objective on the stock.

Bright Minds Biosciences Stock Down 2.9%

Shares of Bright Minds Biosciences stock opened at $59.17 on Thursday. Bright Minds Biosciences has a twelve month low of $23.17 and a twelve month high of $123.75. The business has a 50-day moving average price of $81.34 and a 200 day moving average price of $80.52. The firm has a market cap of $575.72 million, a PE ratio of -24.25 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.06. On average, sell-side analysts expect that Bright Minds Biosciences will post -4.9 EPS for the current year.

Insider Transactions at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total value of $9,785,124.50. Following the sale, the insider directly owned 950,000 shares in the company, valued at approximately $85,025,000. The trade was a 10.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DRUG. Braidwell LP acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $18,422,000. Vivo Capital LLC boosted its holdings in shares of Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after purchasing an additional 250,045 shares during the last quarter. MPM Bioimpact LLC acquired a new position in shares of Bright Minds Biosciences during the 4th quarter worth approximately $17,961,000. Balyasny Asset Management L.P. acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $11,339,000. Finally, Millennium Management LLC boosted its holdings in shares of Bright Minds Biosciences by 376.9% during 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 during the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.