Bright Minds Biosciences (NASDAQ:DRUG) Upgraded by Baird R W to “Strong-Buy” Rating

Baird R W upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) to a strong-buy rating in a research report sent to investors on Monday morning,Zacks.com reports.

Separately, Robert W. Baird initiated coverage on Bright Minds Biosciences in a report on Monday. They issued an “outperform” rating and a $75.00 target price for the company.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock opened at $38.11 on Monday. The stock’s 50 day simple moving average is $26.26 and its 200-day simple moving average is $9.97. The stock has a market cap of $168.83 million, a P/E ratio of -56.04 and a beta of -6.62. Bright Minds Biosciences has a 1-year low of $0.93 and a 1-year high of $79.02.

Insider Buying and Selling at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of Bright Minds Biosciences stock in a transaction on Tuesday, October 15th. The shares were bought at an average price of $5.53 per share, for a total transaction of $2,060,428.23. Following the completion of the transaction, the insider now directly owns 825,000 shares of the company’s stock, valued at $4,562,250. This trade represents a 82.36 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 42.66% of the stock is currently owned by company insiders.

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.