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

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have received an average recommendation of “Moderate Buy” from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $143.8333.

A number of research firms have recently issued reports on DRUG. Piper Sandler reiterated an “overweight” rating and issued a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. BTIG Research reissued a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a report on Friday, February 13th. HC Wainwright reissued a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a report on Monday, June 1st. Finally, Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th.

Insider Buying and Selling at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider owned 950,000 shares of the company’s stock, valued at $85,025,000. This trade represents a 10.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 42.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of DRUG. Millennium Management LLC increased its holdings in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares in the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of Bright Minds Biosciences in the first quarter valued at approximately $802,000. Geode Capital Management LLC acquired a new stake in Bright Minds Biosciences during the 2nd quarter worth $1,502,000. JPMorgan Chase & Co. grew 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 worth $57,000 after acquiring an additional 1,873 shares during the period. Finally, New York State Common Retirement Fund acquired a new stake in Bright Minds Biosciences during the 2nd quarter worth $107,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Trading Down 9.2%

NASDAQ:DRUG opened at $61.56 on Thursday. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $123.75. The firm has a 50 day moving average of $82.03 and a 200-day moving average of $80.54. The stock has a market capitalization of $598.98 million, a P/E ratio of -25.23 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. As a group, analysts forecast that Bright Minds Biosciences will post -4.9 EPS for the current fiscal year.

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.