Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG – Get Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $143.83.
Several analysts have issued reports on the stock. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. BTIG Research reissued a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, August 17th. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. Oppenheimer lowered Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, August 19th.
Check Out Our Latest Stock Report on DRUG
Bright Minds Biosciences Stock Down 3.2%
Bright Minds Biosciences (NASDAQ:DRUG – Get Free Report) last announced its quarterly earnings results on Monday, August 17th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($1.22) by $1.05. On average, research analysts anticipate that Bright Minds Biosciences will post -2.93 EPS for the current year.
Institutional Trading of Bright Minds Biosciences
Large investors have recently made changes to their positions in the stock. Engineers Gate Manager LP acquired a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth about $380,000. Bank of New York Mellon Corp acquired a new position in shares of Bright Minds Biosciences in the second quarter valued at approximately $1,046,000. Seven Fleet Capital Management LP purchased a new position in shares of Bright Minds Biosciences during the first quarter valued at approximately $467,000. Vivo Capital LLC lifted its stake 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 buying an additional 55,555 shares during the period. Finally, Bank of America Corp DE boosted its position in 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. Institutional investors and hedge funds own 40.52% of the company’s stock.
About Bright Minds Biosciences
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.
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