HC Wainwright Begins Coverage on Bright Minds Biosciences (NASDAQ:DRUG)

Equities researchers at HC Wainwright initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report issued on Friday, MarketBeat.com reports. The firm set a “buy” rating and a $85.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 118.57% from the company’s previous close.

Several other equities analysts have also commented on DRUG. Robert W. Baird started coverage on Bright Minds Biosciences in a research note on Monday, November 25th. They issued an “outperform” rating and a $75.00 price target on the stock. Baird R W raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th.

Bright Minds Biosciences Stock Down 5.2 %

Shares of NASDAQ:DRUG opened at $38.89 on Friday. Bright Minds Biosciences has a 52-week low of $0.93 and a 52-week high of $79.02. The business has a fifty day moving average of $40.49 and a two-hundred day moving average of $19.07. The stock has a market cap of $172.44 million, a P/E ratio of -57.19 and a beta of -6.52.

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

Insider Activity at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp acquired 372,591 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was purchased at an average price of $5.53 per share, for a total transaction 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 approximately $4,562,250. This trade represents a 82.36 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 42.66% of the company’s stock.

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.