Bright Minds Biosciences (NASDAQ:DRUG) Price Target Raised to $147.00

Bright Minds Biosciences (NASDAQ:DRUG) had its price objective hoisted by BTIG Research from $72.00 to $147.00 in a research report released on Tuesday, Marketbeat.com reports. BTIG Research currently has a buy rating on the stock.

A number of other brokerages have also commented on DRUG. Chardan Capital reissued a “buy” rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, December 27th. HC Wainwright restated a “buy” rating and set a $115.00 price objective on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.40.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG opened at $90.01 on Tuesday. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $123.75. The stock’s 50 day moving average price is $72.53 and its two-hundred day moving average price is $53.18. The stock has a market capitalization of $701.18 million, a price-to-earnings ratio of -73.78 and a beta of -6.15.

Institutional Trading of Bright Minds Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Bright Minds Biosciences in the second quarter valued at approximately $28,000. JPMorgan Chase & Co. lifted its holdings in Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Bright Minds Biosciences during the 3rd quarter valued at $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bright Minds Biosciences during the second quarter worth $66,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bright Minds Biosciences in the third quarter valued at $73,000. Institutional investors own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.