Bright Minds Biosciences (NASDAQ:DRUG) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Analysts at Cantor Fitzgerald initiated coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a note issued to investors on Friday, MarketBeat.com reports. The brokerage set an “overweight” rating on the stock.

DRUG has been the topic of several other research reports. Robert W. Baird assumed 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 target on the stock. HC Wainwright assumed coverage on Bright Minds Biosciences in a report on Friday. They issued a “buy” rating and a $85.00 price objective for the company. Finally, Baird R W upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th.

Bright Minds Biosciences Trading Down 5.2 %

DRUG opened at $38.89 on Friday. The company has a fifty day moving average price of $40.49 and a two-hundred day moving average price of $19.07. Bright Minds Biosciences has a 1-year low of $0.93 and a 1-year high of $79.02. The company has a market cap of $172.44 million, a P/E ratio of -57.19 and a beta of -6.52.

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

Insider Transactions at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp acquired 372,591 shares of the stock in a transaction on Tuesday, October 15th. The stock was acquired at an average cost of $5.53 per share, for a total transaction of $2,060,428.23. Following the completion of 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.