Analysts Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) Target Price at $83.25

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has received an average rating of “Buy” from the eight brokerages that are covering the firm, MarketBeat reports. Six research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $83.25.

Several equities analysts recently weighed in on DRUG shares. TD Cowen started coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They set a “buy” rating on the stock. HC Wainwright restated a “buy” rating and set a $85.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, February 19th. Chardan Capital restated a “buy” rating and set a $80.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, May 21st. Cowen started coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They set a “buy” rating on the stock. Finally, Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd.

Bright Minds Biosciences Stock Up 0.9%

NASDAQ:DRUG opened at $27.81 on Friday. The company has a market cap of $195.89 million, a P/E ratio of -163.58 and a beta of -5.75. Bright Minds Biosciences has a fifty-two week low of $0.93 and a fifty-two week high of $79.02. The firm’s 50 day moving average is $30.90 and its two-hundred day moving average is $35.18.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Thursday, May 15th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.10. Research analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE acquired a new position in shares of Bright Minds Biosciences in the 4th quarter valued at about $173,000. Jane Street Group LLC acquired a new position in Bright Minds Biosciences during the 4th quarter valued at about $238,000. OMERS ADMINISTRATION Corp acquired a new position in Bright Minds Biosciences during the 1st quarter valued at about $505,000. Atika Capital Management LLC acquired a new position in Bright Minds Biosciences during the 4th quarter valued at about $540,000. Finally, Goldman Sachs Group Inc. acquired a new position in Bright Minds Biosciences during the 1st quarter valued at about $802,000. 40.52% of the stock is owned by institutional investors and hedge funds.

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.