Bright Minds Biosciences (NASDAQ:DRUG) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report issued on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $85.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 107.12% from the company’s current price.

A number of other research analysts have also weighed in on the company. Baird R W upgraded Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, November 25th. Robert W. Baird started coverage on shares of Bright Minds Biosciences in a report on Monday, November 25th. They issued an “outperform” rating and a $75.00 price objective on the stock.

Bright Minds Biosciences Trading Up 2.0 %

Shares of DRUG opened at $41.04 on Friday. The company’s fifty day simple moving average is $40.79 and its 200 day simple moving average is $18.52. Bright Minds Biosciences has a 1-year low of $0.93 and a 1-year high of $79.02. The company has a market cap of $181.97 million, a price-to-earnings ratio of -60.35 and a beta of -6.52.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Monday, December 30th. The company reported ($0.12) earnings per share for the quarter.

Insider Transactions at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp purchased 372,591 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were acquired at an average cost of $5.53 per share, for a total transaction of $2,060,428.23. Following the completion of the purchase, the insider now owns 825,000 shares of the company’s stock, valued at approximately $4,562,250. The trade was a 82.36 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 42.66% of the stock is owned by corporate insiders.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.