Bright Minds Biosciences (NASDAQ:DRUG) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report released on Friday, MarketBeat Ratings reports. The firm issued an overweight rating on the stock.

A number of other equities analysts also recently commented on the stock. HC Wainwright began coverage on shares of Bright Minds Biosciences in a research note on Friday. They set a “buy” rating and a $85.00 price objective for the company. Robert W. Baird started coverage on Bright Minds Biosciences in a research report on Monday, November 25th. They set an “outperform” rating and a $75.00 price target for the company. Finally, Baird R W upgraded Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, November 25th.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG opened at $38.89 on Friday. Bright Minds Biosciences has a 52 week low of $0.93 and a 52 week high of $79.02. The stock’s 50 day moving average price is $40.68 and its two-hundred day moving average price is $18.68. The stock has a market capitalization of $172.44 million, a price-to-earnings ratio of -57.19 and a beta of -6.52.

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

Insider Activity

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp purchased 372,591 shares of the stock in a transaction on Tuesday, October 15th. The shares were purchased at an average price of $5.53 per share, with a total value of $2,060,428.23. Following the completion of the transaction, the insider now directly owns 825,000 shares in the company, valued at $4,562,250. This represents a 82.36 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 42.66% of the company’s stock.

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.