Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Average Rating of “Buy” by Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) have earned a consensus recommendation of “Buy” from the eight brokerages that are presently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $83.25.

Several research analysts recently commented on DRUG shares. Chardan Capital reiterated a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, May 21st. Wall Street Zen downgraded Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. TD Cowen started coverage on Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a “buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. Finally, Cantor Fitzgerald raised Bright Minds Biosciences to a “strong-buy” rating in a research report on Tuesday, May 13th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DRUG. Janus Henderson Group PLC acquired a new position in shares of Bright Minds Biosciences in the 4th quarter valued at $18,392,000. RA Capital Management L.P. acquired a new position in shares of Bright Minds Biosciences in the fourth quarter valued at about $16,599,000. Vivo Capital LLC acquired a new position in shares of Bright Minds Biosciences in the fourth quarter valued at about $9,062,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Bright Minds Biosciences by 50.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after purchasing an additional 67,500 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after purchasing an additional 152,178 shares during the period. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Performance

Shares of Bright Minds Biosciences stock opened at $27.61 on Friday. The company has a market capitalization of $194.48 million, a PE ratio of -162.40 and a beta of -5.75. The company has a 50-day simple moving average of $30.73 and a two-hundred day simple moving average of $35.13. Bright Minds Biosciences has a one year low of $0.93 and a one year high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.39) by $0.10. On average, equities analysts predict that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.