Bright Minds Biosciences (NASDAQ:DRUG) Earns Buy Rating from Analysts at HC Wainwright

HC Wainwright began coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a report released on Friday, Marketbeat Ratings reports. The firm issued a buy rating and a $85.00 target price on the stock.

Other equities analysts have 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 report on Monday, November 25th. They set an “outperform” rating and a $75.00 price objective on the stock.

Bright Minds Biosciences Price Performance

Bright Minds Biosciences stock opened at $38.89 on Friday. The stock has a market cap of $172.44 million, a price-to-earnings ratio of -57.19 and a beta of -6.52. Bright Minds Biosciences has a 1-year low of $0.93 and a 1-year high of $79.02. The firm has a 50 day simple moving average of $40.49 and a 200-day simple moving average of $19.19.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Monday, December 30th. The company reported ($0.12) earnings per share for the quarter.

Insider Activity

In other news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the stock in a transaction dated Tuesday, October 15th. The shares were acquired at an average price of $5.53 per share, with a total value of $2,060,428.23. Following the completion of the acquisition, the insider now directly owns 825,000 shares in the company, valued at approximately $4,562,250. The trade was a 82.36 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 42.66% of the company’s stock.

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.