Bright Minds Biosciences Inc. (NASDAQ:DRUG) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) has been assigned an average rating of "Moderate Buy" from the eight research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $115.40.Biotechs on the Brink: 2 Stocks With Huge PotentialDRUG has been the topic of several research analyst reports. HC Wainwright reissued a "buy" rating and issued a $115.00 target price on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. Zacks Research downgraded shares of Bright Minds Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 2nd. Wall Street Zen lowered shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Saturday. Cantor Fitzgerald restated an "overweight" rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Finally, Robert W. Baird set a $142.00 target price on Bright Minds Biosciences in a report on Wednesday.View Our Latest Report on Bright Minds BiosciencesInstitutional Trading of Bright Minds BiosciencesBright Minds Biosciences Stock Surges Almost 1,500%A number of institutional investors have recently modified their holdings of DRUG. Sio Capital Management LLC increased its position in Bright Minds Biosciences by 0.9% during the 2nd quarter. Sio Capital Management LLC now owns 512,338 shares of the company's stock worth $13,377,000 after purchasing an additional 4,776 shares in the last quarter. Vivo Capital LLC increased its position in shares of Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company's stock worth $30,428,000 after acquiring an additional 250,045 shares in the last quarter. Braidwell LP purchased a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at $18,422,000. Millennium Management LLC raised its stake in shares of Bright Minds Biosciences by 376.9% in the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company's stock valued at $6,946,000 after acquiring an additional 152,178 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at $11,339,000. Hedge funds and other institutional investors own 40.52% of the company's stock. Bright Minds Biosciences Trading Down 3.6%NASDAQ DRUG opened at $86.75 on Monday. The business's 50-day moving average price is $73.17 and its 200 day moving average price is $53.97. Bright Minds Biosciences has a twelve month low of $23.17 and a twelve month high of $123.75. The company has a market capitalization of $675.78 million, a PE ratio of -71.11 and a beta of -6.15. About Bright Minds Biosciences (Get Free Report)Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments. The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.Featured StoriesFive stocks we like better than Bright Minds BiosciencesHuge robotics rollout underwayDo not delete, read immediatelyFree: The Crypto Summit That Could Change Your LifeNew gold price targetHow a Family Trust May Be Able To Help Preserve Your WealthThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Bright Minds Biosciences Right Now?Before you consider Bright Minds Biosciences, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bright Minds Biosciences wasn't on the list.While Bright Minds Biosciences currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here