Bright Minds Biosciences’ (DRUG) Buy Rating Reaffirmed at HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $85.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 135.13% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Piper Sandler started 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 objective on the stock. Robert W. Baird started coverage on shares of Bright Minds Biosciences in a research note on Monday, November 25th. They issued an “outperform” rating and a $75.00 price objective on the stock. Baird R W upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, November 25th. Finally, Cantor Fitzgerald started coverage on shares of Bright Minds Biosciences in a research note on Friday, January 10th. They issued an “overweight” rating on the stock. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $84.33.

Bright Minds Biosciences Trading Down 3.3 %

Shares of Bright Minds Biosciences stock opened at $36.15 on Wednesday. The company has a current ratio of 11.31, a quick ratio of 11.31 and a debt-to-equity ratio of 0.01. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02. The firm has a market capitalization of $254.50 million, a price-to-earnings ratio of -212.63 and a beta of -6.71. The firm’s 50 day simple moving average is $38.08 and its two-hundred day simple moving average is $26.24.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.24. Analysts predict that Bright Minds Biosciences will post -1.33 EPS for the current year.

Institutional Trading of Bright Minds Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new stake in Bright Minds Biosciences during the fourth quarter valued at $238,000. Millennium Management LLC acquired a new stake in Bright Minds Biosciences during the fourth quarter valued at $1,454,000. Point72 Asset Management L.P. acquired a new stake in Bright Minds Biosciences during the fourth quarter valued at $4,870,000. Janus Henderson Group PLC acquired a new stake in Bright Minds Biosciences during the fourth quarter valued at $18,392,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Bright Minds Biosciences during the fourth quarter valued at $2,465,000. Institutional investors and hedge funds 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.