Bright Minds Biosciences (NASDAQ:DRUG) Now Covered by Robert W. Baird

Robert W. Baird assumed coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research note issued to investors on Monday,Benzinga reports. The firm issued an outperform rating and a $75.00 target price on the stock.

Bright Minds Biosciences Trading Up 9.2 %

NASDAQ:DRUG opened at $38.59 on Monday. The firm has a market cap of $170.95 million, a PE ratio of -56.75 and a beta of -6.62. The stock has a fifty day moving average price of $25.52 and a 200 day moving average price of $9.70. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02.

Insiders Place Their Bets

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp purchased 372,591 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was bought at an average cost of $5.53 per share, with a total value of $2,060,428.23. Following the acquisition, the insider now directly owns 825,000 shares of the company’s stock, valued at approximately $4,562,250. This represents a 82.36 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 42.66% of the stock is 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.