Bright Minds Biosciences’ (DRUG) Buy Rating Reaffirmed at HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $145.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 73.30% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a report on Friday, February 13th. Jefferies Financial Group assumed coverage on shares of Bright Minds Biosciences in a report on Monday, April 13th. They set a “buy” rating and a $145.00 target price for the company. Piper Sandler restated an “overweight” rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Finally, BTIG Research restated a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Trading Down 5.0%

Shares of DRUG traded down $4.40 during trading hours on Monday, reaching $83.67. The company had a trading volume of 142,704 shares, compared to its average volume of 183,906. The firm has a 50 day simple moving average of $82.10 and a 200-day simple moving average of $79.81. The company has a market capitalization of $814.12 million, a price-to-earnings ratio of -34.23 and a beta of -5.53. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. Sell-side analysts forecast that Bright Minds Biosciences will post -4.99 earnings per share for the current year.

Insider Transactions at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total value of $9,785,124.50. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DRUG. Royal Bank of Canada lifted its position in shares of Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after purchasing an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences during the third quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bright Minds Biosciences during the second quarter worth $66,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bright Minds Biosciences during the third quarter worth $73,000. 40.52% of the stock is 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.