Bright Minds Biosciences (NASDAQ:DRUG) Given “Buy” Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research note published on Wednesday morning,Benzinga reports. They currently have a $85.00 price objective on the stock.

A number of other research firms have also weighed in on DRUG. Cantor Fitzgerald initiated coverage on shares of Bright Minds Biosciences in a research report on Friday, January 10th. They issued an “overweight” rating on the stock. Piper Sandler initiated coverage on shares of Bright Minds Biosciences in a research note on Thursday, January 23rd. They issued an “overweight” rating and a $93.00 price target on the stock. Baird R W raised Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, November 25th. Finally, Robert W. Baird initiated coverage on Bright Minds Biosciences in a report on Monday, November 25th. They set an “outperform” rating and a $75.00 price objective on the stock. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bright Minds Biosciences has an average rating of “Buy” and an average price target of $84.33.

Bright Minds Biosciences Price Performance

Bright Minds Biosciences stock opened at $37.40 on Wednesday. Bright Minds Biosciences has a 52-week low of $0.93 and a 52-week high of $79.02. The company has a market cap of $263.30 million, a price-to-earnings ratio of -219.99 and a beta of -6.71. The firm’s fifty day moving average is $38.15 and its 200 day moving average is $26.17. The company has a quick ratio of 11.31, a current ratio of 11.31 and a debt-to-equity ratio of 0.01.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.24. Sell-side analysts forecast that Bright Minds Biosciences will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors have recently added to or reduced their stakes in DRUG. Bank of America Corp DE purchased a new position in Bright Minds Biosciences during the 4th quarter worth $173,000. Jane Street Group LLC purchased a new position in Bright Minds Biosciences during the 4th quarter worth approximately $238,000. Atika Capital Management LLC acquired a new stake in Bright Minds Biosciences during the 4th quarter valued at approximately $540,000. Millennium Management LLC acquired a new position in shares of Bright Minds Biosciences in the 4th quarter valued at about $1,454,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Bright Minds Biosciences during the 4th quarter worth approximately $1,606,000. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

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.