Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned an average recommendation of “Moderate Buy” from the seven analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $143.8333.

A number of brokerages have commented on DRUG. BTIG Research restated a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a report on Monday, April 13th. They set a “buy” rating and a $145.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. HC Wainwright reiterated a “buy” rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Finally, Wall Street Zen upgraded shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. This represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 42.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors have recently bought and sold shares of DRUG. Braidwell LP acquired a new position in Bright Minds Biosciences in the 3rd quarter worth about $18,422,000. Vivo Capital LLC lifted its holdings in shares of Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after buying an additional 250,045 shares during the last quarter. MPM Bioimpact LLC acquired a new stake in shares of Bright Minds Biosciences during the 4th quarter valued at about $17,961,000. Balyasny Asset Management L.P. bought a new stake in shares of Bright Minds Biosciences in the 3rd quarter valued at approximately $11,339,000. Finally, Millennium Management LLC grew its stake in shares of Bright Minds Biosciences by 376.9% in the 1st 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 in the last quarter. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock opened at $67.60 on Monday. Bright Minds Biosciences has a 12 month low of $24.00 and a 12 month high of $123.75. The stock has a market cap of $657.75 million, a PE ratio of -27.70 and a beta of -5.34. The business has a fifty day simple moving average of $75.73 and a 200-day simple moving average of $79.34.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.06. Analysts expect that Bright Minds Biosciences will post -4.9 EPS for the current fiscal year.

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.