HC Wainwright Reiterates Buy Rating for Bright Minds Biosciences (NASDAQ:DRUG)

Bright Minds Biosciences (NASDAQ:DRUG)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $85.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 119.21% from the company’s current price.

Other analysts also recently issued research reports about the stock. Baird R W raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th. Robert W. Baird assumed coverage on shares of Bright Minds Biosciences in a research report on Monday, November 25th. They set an “outperform” rating and a $75.00 target price on the stock. Cantor Fitzgerald assumed coverage on shares of Bright Minds Biosciences in a research report on Friday, January 10th. They set an “overweight” rating on the stock. Finally, Piper Sandler assumed coverage on shares of Bright Minds Biosciences in a research report on Thursday, January 23rd. They set an “overweight” rating and a $93.00 target price on the stock. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $84.33.

Bright Minds Biosciences Stock Up 3.4 %

Shares of NASDAQ DRUG traded up $1.27 during trading hours on Wednesday, hitting $38.78. 13,293 shares of the stock were exchanged, compared to its average volume of 82,062. The company has a quick ratio of 11.31, a current ratio of 11.31 and a debt-to-equity ratio of 0.01. The company has a market cap of $272.98 million, a PE ratio of -228.07 and a beta of -6.71. The firm has a fifty day moving average price of $38.15 and a 200-day moving average price of $26.09. Bright Minds Biosciences has a 12 month low of $0.93 and a 12 month high of $79.02.

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

Institutional Trading of Bright Minds Biosciences

Large investors have recently made changes to their positions in the business. Bank of America Corp DE purchased a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at $173,000. Jane Street Group LLC purchased a new stake in Bright Minds Biosciences during the fourth quarter worth $238,000. Atika Capital Management LLC purchased a new stake in Bright Minds Biosciences during the fourth quarter worth $540,000. Millennium Management LLC purchased a new stake in Bright Minds Biosciences during the fourth quarter worth $1,454,000. Finally, Boothbay Fund Management LLC purchased a new stake in Bright Minds Biosciences during the fourth quarter worth $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.