Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Consensus Recommendation of “Moderate Buy” by Analysts

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has received a consensus rating of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $128.60.

Several equities research analysts have recently weighed in on the stock. BTIG Research reissued a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target for the company. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a report on Friday, February 13th. Finally, HC Wainwright lifted their price target on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, March 4th.

Bright Minds Biosciences Stock Performance

DRUG opened at $77.47 on Friday. The company has a 50-day moving average of $80.43 and a 200-day moving average of $77.68. The company has a market capitalization of $753.78 million, a P/E ratio of -40.14 and a beta of -5.35. Bright Minds Biosciences has a 1-year low of $23.17 and a 1-year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.28. As a group, sell-side analysts expect that Bright Minds Biosciences will post -5.3 earnings per share for the current fiscal year.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total value of $9,785,124.50. Following the completion of the transaction, the insider directly owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. The trade was a 10.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Orbimed Advisors LLC acquired a new position in shares of Bright Minds Biosciences in the 1st quarter valued at about $2,919,000. Sei Investments Co. acquired a new position in shares of Bright Minds Biosciences in the 1st quarter valued at about $816,000. Walleye Capital LLC boosted its holdings in shares of Bright Minds Biosciences by 108.0% in the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock valued at $3,919,000 after buying an additional 27,880 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Bright Minds Biosciences by 32.7% in the 1st quarter. Bank of New York Mellon Corp now owns 13,253 shares of the company’s stock valued at $967,000 after buying an additional 3,264 shares during the period. Finally, AdvisorShares Investments LLC boosted its holdings in shares of Bright Minds Biosciences by 26.8% in the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock valued at $920,000 after buying an additional 2,669 shares during the period. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Company Profile

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.