Bright Minds Biosciences (NASDAQ:DRUG) Stock Rating Upgraded by Lifesci Capital

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

Several other research firms also recently commented on DRUG. BTIG Research reissued a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Oppenheimer cut shares of Bright Minds Biosciences to a “market perform” rating in a report on Thursday, August 20th. Benchmark reissued a “buy” rating on shares of Bright Minds Biosciences in a research report on Thursday, August 20th. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, August 19th. Finally, Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Price Performance

Shares of DRUG opened at $49.74 on Monday. The business’s 50-day moving average is $70.28 and its 200-day moving average is $74.10. The company has a market capitalization of $483.97 million, a price-to-earnings ratio of -23.91 and a beta of -5.36. Bright Minds Biosciences has a fifty-two week low of $48.94 and a fifty-two week high of $123.75.

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

Institutional Trading of Bright Minds Biosciences

Large investors have recently bought and sold shares of the stock. Engineers Gate Manager LP acquired a new position in Bright Minds Biosciences in the second quarter valued at about $380,000. Bank of New York Mellon Corp bought a new position in shares of Bright Minds Biosciences in the second quarter worth about $1,046,000. Seven Fleet Capital Management LP acquired a new stake in shares of Bright Minds Biosciences in the first quarter valued at approximately $467,000. Vivo Capital LLC lifted its holdings in Bright Minds Biosciences by 11.1% during the 1st 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 in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock worth $1,417,000 after acquiring an additional 4,347 shares during the last quarter. 40.52% of the stock is currently owned by institutional investors.

Bright Minds Biosciences Company Profile

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.