BTIG Research Begins Coverage on Bright Minds Biosciences (NASDAQ:DRUG)

Equities research analysts at BTIG Research initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a report released on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $72.00 price target on the stock. BTIG Research’s price objective would suggest a potential upside of 70.74% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Chardan Capital reaffirmed a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Cowen assumed coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They set a “buy” rating on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. Finally, TD Cowen assumed coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $81.00.

Bright Minds Biosciences Trading Down 1.9%

Shares of DRUG stock opened at $42.17 on Monday. The business’s fifty day simple moving average is $35.34 and its 200-day simple moving average is $32.74. The company has a market cap of $296.88 million, a PE ratio of -45.34 and a beta of -6.14. Bright Minds Biosciences has a 12-month low of $0.94 and a 12-month high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.06. On average, equities analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of large investors have recently made changes to their positions in DRUG. Police & Firemen s Retirement System of New Jersey purchased a new stake in Bright Minds Biosciences in the second quarter valued at $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 valued at $57,000 after purchasing an additional 1,873 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bright Minds Biosciences in the second quarter valued at $66,000. New York State Common Retirement Fund purchased a new stake in Bright Minds Biosciences in the second quarter valued at $107,000. Finally, Bank of America Corp DE purchased a new stake in Bright Minds Biosciences in the fourth quarter valued at $173,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

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.