Bright Minds Biosciences (NASDAQ:DRUG) Now Covered by Analysts at Wolfe Research

Wolfe Research assumed coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report issued on Thursday, MarketBeat.com reports. The firm set an “outperform” rating and a $150.00 price target on the stock. Wolfe Research’s price target would indicate a potential upside of 195.80% from the stock’s previous close.

A number of other brokerages have also weighed in on DRUG. Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Benchmark reissued a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Lifesci Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, September 28th. Finally, Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.71.

Bright Minds Biosciences Stock Down 1.3%

Shares of NASDAQ DRUG opened at $50.71 on Thursday. The firm has a market cap of $493.41 million, a price-to-earnings ratio of -24.38 and a beta of -5.22. The company’s 50-day simple moving average is $65.28 and its 200-day simple moving average is $72.46. Bright Minds Biosciences has a 52-week low of $47.23 and a 52-week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($1.22) by $1.05. Equities research analysts anticipate that Bright Minds Biosciences will post -2.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in DRUG. Strs Ohio increased its stake in shares of Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after buying an additional 1,800 shares during the period. Engineers Gate Manager LP purchased a new position in Bright Minds Biosciences in the second quarter worth approximately $380,000. Seven Fleet Capital Management LP purchased a new position in Bright Minds Biosciences in the first quarter worth approximately $467,000. Sei Investments Co. acquired a new position in Bright Minds Biosciences during the 1st quarter worth approximately $816,000. Finally, AdvisorShares Investments LLC grew its holdings in Bright Minds Biosciences by 26.8% during the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after acquiring an additional 2,669 shares in the last quarter. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.