Brokerages Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) Price Target at $81.00

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has received an average rating of “Buy” from the ten research firms that are presently covering the stock, Marketbeat reports. Eight investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $81.00.

A number of equities research analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research note on Monday, September 15th. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Friday, October 3rd. BTIG Research began coverage on shares of Bright Minds Biosciences in a report on Monday, September 8th. They issued a “buy” rating and a $72.00 price target for the company. Finally, Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th.

Bright Minds Biosciences Trading Down 0.3%

Shares of DRUG stock opened at $51.29 on Wednesday. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $70.23. The business’s fifty day simple moving average is $53.15 and its 200-day simple moving average is $39.00. The company has a market cap of $361.08 million, a PE ratio of -55.15 and a beta of -6.27.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.06. On average, equities analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. OMERS ADMINISTRATION Corp purchased a new position in shares of Bright Minds Biosciences in the first quarter worth about $505,000. Adage Capital Partners GP L.L.C. increased its holdings in Bright Minds Biosciences by 50.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after buying an additional 67,500 shares during the period. Millennium Management LLC raised its position in Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in Bright Minds Biosciences during the 1st quarter valued at approximately $802,000. Finally, AdvisorShares Investments LLC boosted its holdings in shares of Bright Minds Biosciences by 28.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock valued at $378,000 after acquiring an additional 3,200 shares during 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, 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.