Bright Minds Biosciences (NASDAQ:DRUG) Coverage Initiated by Analysts at Robert W. Baird

Robert W. Baird began coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a report published on Monday, MarketBeat reports. The brokerage issued an outperform rating and a $75.00 target price on the stock.

Bright Minds Biosciences Price Performance

Shares of DRUG opened at $39.18 on Monday. The company has a 50-day moving average of $27.76 and a two-hundred day moving average of $10.43. The stock has a market cap of $173.57 million, a price-to-earnings ratio of -57.62 and a beta of -6.62. Bright Minds Biosciences has a one year low of $0.93 and a one year high of $79.02.

Insider Buying and Selling at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp acquired 372,591 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was purchased at an average cost of $5.53 per share, for a total transaction of $2,060,428.23. Following the transaction, the insider now owns 825,000 shares of the company’s stock, valued at $4,562,250. The trade was a 82.36 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 42.66% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.