Bright Minds Biosciences’ (DRUG) “Buy” Rating Reiterated at HC Wainwright

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports. They currently have a $85.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 119.21% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Baird R W raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, November 25th. Piper Sandler began coverage on shares of Bright Minds Biosciences in a research report on Thursday, January 23rd. They issued an “overweight” rating and a $93.00 price objective for the company. Cantor Fitzgerald began coverage on shares of Bright Minds Biosciences in a research report on Friday, January 10th. They issued an “overweight” rating for the company. Finally, Robert W. Baird began coverage on shares of Bright Minds Biosciences in a research report on Monday, November 25th. They issued an “outperform” rating and a $75.00 price objective for the company. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bright Minds Biosciences currently has an average rating of “Buy” and a consensus price target of $84.33.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG traded up $1.27 on Wednesday, reaching $38.78. The company’s stock had a trading volume of 13,293 shares, compared to its average volume of 82,062. 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 $272.98 million, a P/E ratio of -228.07 and a beta of -6.71. The company has a 50-day simple moving average of $38.15 and a 200 day simple moving average of $26.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.31 and a current ratio of 11.31.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.24. As a group, equities research analysts anticipate that Bright Minds Biosciences will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE bought a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $173,000. Jane Street Group LLC bought a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $238,000. Atika Capital Management LLC bought a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $540,000. Millennium Management LLC bought a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $1,454,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $1,606,000. 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.