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

Research analysts at HC Wainwright started coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a note issued to investors on Friday, MarketBeat.com reports. The brokerage set a “buy” rating and a $85.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 107.12% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Robert W. Baird started coverage on shares of Bright Minds Biosciences in a research report on Monday, November 25th. They set an “outperform” rating and a $75.00 price target on the stock. Baird R W upgraded Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, November 25th.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG opened at $41.04 on Friday. The stock has a market cap of $181.97 million, a price-to-earnings ratio of -60.35 and a beta of -6.52. The company has a 50 day moving average of $40.79 and a 200-day moving average of $18.52. Bright Minds Biosciences has a one year low of $0.93 and a one year high of $79.02.

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

Insider Transactions at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp purchased 372,591 shares of the firm’s stock in a transaction dated 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 purchase, the insider now directly owns 825,000 shares of the company’s stock, valued at $4,562,250. The trade was a 82.36 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 42.66% of the stock is owned by 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.