Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives $83.25 Average Price Target from Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned a consensus recommendation of “Buy” from the eight analysts that are presently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $83.25.

A number of equities research analysts recently issued reports on DRUG shares. TD Cowen started coverage on Bright Minds Biosciences in a research note on Tuesday, May 13th. They set a “buy” rating for the company. Cowen initiated coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a “buy” rating for the company. Chardan Capital reiterated a “buy” rating and set a $80.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. Wall Street Zen downgraded Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Tuesday, May 13th.

Bright Minds Biosciences Trading Down 0.7%

Bright Minds Biosciences stock opened at $27.61 on Friday. The firm has a 50-day moving average price of $30.73 and a 200-day moving average price of $35.13. The firm has a market capitalization of $194.48 million, a PE ratio of -162.40 and a beta of -5.75. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.10. As a group, sell-side analysts predict that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in DRUG. Bank of America Corp DE bought a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $173,000. Jane Street Group LLC bought a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $238,000. OMERS ADMINISTRATION Corp bought a new position in Bright Minds Biosciences in the first quarter worth approximately $505,000. Atika Capital Management LLC bought a new position in Bright Minds Biosciences in the fourth quarter worth approximately $540,000. Finally, Goldman Sachs Group Inc. bought a new position in Bright Minds Biosciences in the first quarter worth approximately $802,000. 40.52% of the stock is currently owned by institutional investors.

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.