Analysts Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) Target Price at $143.83

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned a consensus recommendation of “Moderate Buy” from the nine analysts that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $143.8333.

Several equities research analysts recently weighed in on DRUG shares. BTIG Research reissued a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Finally, HC Wainwright reissued a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, August 19th.

Institutional Investors Weigh In On Bright Minds Biosciences

Large investors have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its stake in Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after acquiring an additional 128,329 shares during the period. Vivo Capital LLC raised its holdings in shares of Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after purchasing an additional 55,555 shares during the last quarter. Eventide Asset Management LLC purchased a new position in shares of Bright Minds Biosciences during the fourth quarter valued at approximately $8,039,000. Walleye Capital LLC lifted its position in Bright Minds Biosciences by 108.0% during the first quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock valued at $3,919,000 after purchasing an additional 27,880 shares during the period. Finally, Seven Grand Managers LLC bought a new position in Bright Minds Biosciences during the fourth quarter valued at approximately $3,902,000. 40.52% of the stock is currently owned by institutional investors.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock opened at $57.92 on Friday. The stock has a market cap of $563.56 million, a price-to-earnings ratio of -27.85 and a beta of -5.36. The firm’s 50-day moving average is $72.19 and its 200 day moving average is $74.85. Bright Minds Biosciences has a 1 year low of $48.90 and a 1 year 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 for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. On average, equities analysts expect that Bright Minds Biosciences will post -2.93 EPS for the current fiscal year.

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.