Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives $143.83 Consensus Price Target from Analysts

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

A number of equities analysts recently weighed in on the company. Jefferies Financial Group assumed coverage on Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a report on Monday, June 1st. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Piper Sandler reiterated an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Finally, BTIG Research reiterated a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, March 30th.

Insider Buying and Selling

In other Bright Minds Biosciences 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 stock was sold at an average price of $89.50, for a total transaction 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 42.66% of the company’s stock.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently bought and sold shares of DRUG. Royal Bank of Canada increased its stake in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after buying an additional 372 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after buying an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bright Minds Biosciences during the 2nd quarter worth approximately $66,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Bright Minds Biosciences during the 3rd quarter worth approximately $73,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG opened at $59.52 on Thursday. The stock has a 50-day simple moving average of $80.79 and a two-hundred day simple moving average of $80.43. The firm has a market capitalization of $579.13 million, a P/E ratio of -24.39 and a beta of -5.53. Bright Minds Biosciences has a fifty-two week low of $23.17 and a fifty-two week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. As a group, analysts forecast that Bright Minds Biosciences will post -4.9 earnings per share for the current 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.