Bright Minds Biosciences Inc. (DRUG) – What Are Analysts Thinking About This Stock?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been assigned an average recommendation of “Moderate Buy” from the twelve ratings firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $126.29.

Several equities research analysts have recently weighed in on DRUG shares. Jefferies Financial Group reiterated a “buy” rating on shares of Bright Minds Biosciences in a report on Monday, November 2nd. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Oppenheimer lowered Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. HC Wainwright reiterated a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Finally, BTIG Research reiterated a “buy” rating and set a $37.00 target price (down from $147.00) on shares of Bright Minds Biosciences in a research report on Monday, November 2nd.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DRUG. Strs Ohio increased its position in Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after buying an additional 1,800 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Bright Minds Biosciences by 32.7% in the first quarter. Bank of New York Mellon Corp now owns 13,253 shares of the company’s stock valued at $967,000 after buying an additional 3,264 shares during the last quarter. Bank of America Corp DE raised its stake in Bright Minds Biosciences by 28.8% in the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after buying an additional 4,347 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Bright Minds Biosciences in the second quarter valued at about $380,000. Finally, Seven Fleet Capital Management LP acquired a new stake in Bright Minds Biosciences in the first quarter worth about $467,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Price Performance

Bright Minds Biosciences stock opened at $23.00 on Friday. Bright Minds Biosciences has a 1-year low of $17.40 and a 1-year high of $123.75. The firm has a market capitalization of $223.79 million, a P/E ratio of -11.06 and a beta of -5.11. The company’s 50-day moving average is $53.69 and its 200 day moving average is $71.66.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.22) by $1.05. Research analysts anticipate that Bright Minds Biosciences will post -2.93 earnings per share for the current fiscal year.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing novel treatments for neurological and psychiatric disorders. The company’s research is centered on serotonergic compounds designed to provide therapeutic benefits associated with psychedelic medicines while potentially reducing unwanted effects such as hallucinations and cardiovascular or behavioral complications.

Bright Minds’ pipeline includes BMB-101, a selective serotonin 5-HT2C receptor agonist being developed for conditions including substance use disorders.