Bright Minds Biosciences Inc. (NASDAQ:DRUG) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been given an average rating of “Moderate Buy” by the twelve brokerages that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $126.29.

A number of analysts recently weighed in on DRUG shares. Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Jefferies Financial Group reiterated a “buy” rating on shares of Bright Minds Biosciences in a research note on Monday, November 2nd. HC Wainwright reiterated a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a research report on Thursday, August 20th. Finally, Robert W. Baird lowered their price target on Bright Minds Biosciences from $126.00 to $107.00 and set an “outperform” rating for the company in a report on Tuesday, November 3rd.

Hedge Funds Weigh In On Bright Minds Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Strs Ohio grew its stake 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 acquiring an additional 1,800 shares during the period. Engineers Gate Manager LP bought a new position in Bright Minds Biosciences in the 2nd quarter valued at $380,000. Seven Fleet Capital Management LP bought a new position in Bright Minds Biosciences in the first quarter valued at $467,000. Sei Investments Co. bought a new stake in shares of Bright Minds Biosciences in the 1st quarter valued at about $816,000. Finally, Bank of New York Mellon Corp boosted its holdings in 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 valued at $967,000 after acquiring an additional 3,264 shares in the last quarter. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Trading Up 1.6%

DRUG traded up $0.37 on Friday, hitting $23.11. The company had a trading volume of 118,566 shares, compared to its average volume of 281,147. The company’s fifty day moving average price is $48.92 and its 200 day moving average price is $70.07. The firm has a market cap of $224.86 million, a P/E ratio of -11.11 and a beta of -5.11. Bright Minds Biosciences has a 1 year low of $17.40 and a 1 year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. On average, analysts predict that Bright Minds Biosciences will post -2.93 earnings per share for the current year.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences is a clinical-stage biotechnology company developing medicines for neurological and psychiatric disorders. Its research focuses on compounds that act on serotonin receptors, which play a role in regulating brain activity. The company’s development programs include BMB-101, a serotonin 5-HT2C receptor agonist being investigated for seizure disorders. Bright Minds is developing its candidates as potential treatments; it does not market approved products.