Bright Minds Biosciences (NASDAQ:DRUG) Research Coverage Started at Wolfe Research

Wolfe Research initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research note released on Thursday, Marketbeat.com reports. The firm issued an outperform rating and a $150.00 price objective on the stock.

Several other equities analysts have also issued reports on DRUG. Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Lifesci Capital raised Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, September 28th. Oppenheimer downgraded Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $144.71.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG opened at $51.30 on Thursday. The company’s 50 day simple moving average is $64.18 and its 200 day simple moving average is $72.20. The stock has a market capitalization of $499.15 million, a price-to-earnings ratio of -24.66 and a beta of -5.22. Bright Minds Biosciences has a 1 year low of $47.23 and a 1 year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($1.22) by $1.05. As a group, analysts anticipate that Bright Minds Biosciences will post -2.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

Several large investors have recently modified their holdings of DRUG. Strs Ohio increased its holdings in Bright Minds Biosciences by 200.0% in the first quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after purchasing an additional 1,800 shares during the period. AdvisorShares Investments LLC raised its position in Bright Minds Biosciences by 26.8% during the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after purchasing an additional 2,669 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Bright Minds Biosciences by 32.7% in the first quarter. Bank of New York Mellon Corp now owns 13,253 shares of the company’s stock worth $967,000 after acquiring an additional 3,264 shares during the period. Bank of America Corp DE boosted its holdings in Bright Minds Biosciences by 28.8% in the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after acquiring an additional 4,347 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in Bright Minds Biosciences during the 2nd quarter valued at approximately $380,000. Institutional investors own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.