Analysts Set Bright Minds Biosciences Inc. (NASDAQ:DRUG) Target Price at $115.40

Bright Minds Biosciences Inc. (NASDAQ:DRUG) has been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $115.40.

A number of research analysts recently issued reports on DRUG shares. Wall Street Zen downgraded Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. HC Wainwright reiterated a “buy” rating and issued a $115.00 price objective on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. BTIG Research upped their target price on Bright Minds Biosciences from $72.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Finally, Chardan Capital reiterated a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a report on Friday, January 2nd.

Bright Minds Biosciences Stock Down 2.1%

Shares of Bright Minds Biosciences stock opened at $88.00 on Monday. The company’s fifty day simple moving average is $76.69 and its two-hundred day simple moving average is $55.80. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75. The firm has a market cap of $685.17 million, a PE ratio of -72.13 and a beta of -6.15.

Institutional Trading of Bright Minds Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth approximately $28,000. JPMorgan Chase & Co. boosted its holdings in Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Bright Minds Biosciences in the third quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences during the second quarter valued at $66,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Bright Minds Biosciences during the third quarter valued at $73,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.