Cantor Fitzgerald Begins Coverage on Bright Minds Biosciences (NASDAQ:DRUG)

Investment analysts at Cantor Fitzgerald initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage set an “overweight” rating on the stock.

Several other analysts have also weighed in on DRUG. Robert W. Baird initiated coverage on shares of Bright Minds Biosciences in a report on Monday, November 25th. They set an “outperform” rating and a $75.00 price objective for the company. HC Wainwright assumed coverage on shares of Bright Minds Biosciences in a research note on Friday. They issued a “buy” rating and a $85.00 target price on the stock. Finally, Baird R W upgraded Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th.

Bright Minds Biosciences Stock Down 5.2 %

NASDAQ DRUG opened at $38.89 on Friday. The stock has a market capitalization of $172.44 million, a PE ratio of -57.19 and a beta of -6.52. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02. The company has a 50 day moving average price of $40.49 and a two-hundred day moving average price of $19.07.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Monday, December 30th. The company reported ($0.12) earnings per share for the quarter.

Insider Activity

In other news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was bought at an average price of $5.53 per share, with a total value of $2,060,428.23. Following the completion of the acquisition, the insider now owns 825,000 shares of the company’s stock, valued at $4,562,250. This represents a 82.36 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 42.66% of the stock is owned by insiders.

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.