Bright Minds Biosciences (NASDAQ:DRUG) Earns “Buy” Rating from HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They presently have a $115.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 45.73% from the company’s current price.

Several other research firms have also weighed in on DRUG. Wall Street Zen upgraded shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research lowered shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Chardan Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Wednesday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Finally, BTIG Research began coverage on Bright Minds Biosciences in a research report on Monday, September 8th. They set a “buy” rating and a $72.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $90.00.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock traded up $0.79 during trading on Tuesday, hitting $78.91. The stock had a trading volume of 31,907 shares, compared to its average volume of 81,338. The business has a fifty day moving average of $68.61 and a two-hundred day moving average of $50.36. Bright Minds Biosciences has a fifty-two week low of $23.17 and a fifty-two week high of $97.75. The firm has a market cap of $614.72 million, a P/E ratio of -65.06 and a beta of -6.22.

Hedge Funds Weigh In On Bright Minds Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRUG. OMERS ADMINISTRATION Corp acquired a new stake in Bright Minds Biosciences during the 1st quarter valued at $505,000. Adage Capital Partners GP L.L.C. grew its holdings in shares of Bright Minds Biosciences by 50.9% during the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock valued at $7,214,000 after buying an additional 67,500 shares in the last quarter. Millennium Management LLC raised its position in Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after buying an additional 152,178 shares during the period. Goldman Sachs Group Inc. purchased a new stake in Bright Minds Biosciences in the 1st quarter worth about $802,000. Finally, AdvisorShares Investments LLC boosted its position in Bright Minds Biosciences by 28.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock worth $378,000 after acquiring an additional 3,200 shares during the period. 40.52% of the stock is currently owned by hedge funds and other 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.