Lifesci Capital Upgrades Bright Minds Biosciences (NASDAQ:DRUG) to “Strong-Buy”

Bright Minds Biosciences (NASDAQ:DRUG) was upgraded by Lifesci Capital to a “strong-buy” rating in a report issued on Monday, Zacks reports.

A number of other analysts have also recently issued reports on the company. Benchmark reaffirmed a “buy” rating on shares of Bright Minds Biosciences in a research report on Thursday, August 20th. Oppenheimer lowered shares of Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. BTIG Research restated a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, August 17th. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Finally, Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Bright Minds Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Stock Performance

DRUG opened at $49.74 on Monday. The business’s 50-day simple moving average is $70.28 and its 200 day simple moving average is $74.10. Bright Minds Biosciences has a 52-week low of $48.94 and a 52-week high of $123.75. The firm has a market capitalization of $483.97 million, a PE ratio of -23.91 and a beta of -5.36.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Monday, August 17th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.22) by $1.05. On average, research analysts forecast that Bright Minds Biosciences will post -2.93 earnings per share for the current year.

Institutional Trading of Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC raised its holdings in Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after purchasing an additional 128,329 shares during the last quarter. Vivo Capital LLC increased its position in shares of Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after buying an additional 55,555 shares during the period. Eventide Asset Management LLC bought a new position in Bright Minds Biosciences during the fourth quarter worth $8,039,000. Walleye Capital LLC raised its stake in Bright Minds Biosciences by 108.0% during the first quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock worth $3,919,000 after buying an additional 27,880 shares during the last quarter. Finally, Orbimed Advisors LLC acquired a new position in Bright Minds Biosciences in the first quarter valued at $2,919,000. 40.52% of the stock is currently owned by institutional investors.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapies for neuropsychiatric and neurological disorders. The company’s research centers on selective serotonin receptor agonists designed to address conditions such as treatment-resistant depression, substance use disorders and other disorders involving disrupted brain signaling.

Bright Minds’ lead program, BMB-101, is an orally administered, selective 5-HT2C receptor agonist being developed as a potential treatment for conditions including substance use disorder and related neuropsychiatric indications.