Investment Rating Maintained for Bright Minds Biosciences

Equities research firm HC Wainwright has reaffirmed a "buy" rating for Bright Minds Biosciences (NASDAQ:DRUG) in a report released on Wednesday. The research firm has set a target price of $85.00 for the stock, suggesting a significant potential upside of approximately 119.21% from the stock's last closing price.

Analyst Ratings and Insights

Other analysts have also provided insights into the company's stock performance. Recently, Baird R W upgraded Bright Minds Biosciences to a "strong-buy" rating in a note dated November 25. Meanwhile, Piper Sandler initiated coverage on the stock on January 23, issuing an "overweight" rating accompanied by a price target of $93.00. Additionally, Cantor Fitzgerald began its coverage on January 10 with an "overweight" rating. Robert W. Baird also issued an "outperform" rating with a price target set at $75.00. Altogether, four analysts have issued a "buy" rating, while one has rated it as a "strong buy." According to MarketBeat's data, Bright Minds Biosciences holds an average rating of "Buy" along with a consensus price target of $84.33.

Recent Stock Performance

On the trading day following the report, Bright Minds Biosciences' stock rose by $1.27, reaching a price of $38.78. The stock exhibited a trading volume of 13,293 shares, which is below its average volume of 82,062 shares. Over the past year, Bright Minds Biosciences has seen its stock range from a low of $0.93 to a high of $79.02. Currently, the company maintains a market capitalization of $272.98 million, with a P/E ratio resting at -228.07 and a beta of -6.71. The company has a 50-day simple moving average of $38.15 and a 200-day simple moving average of $26.09.

Quarterly Earnings

Bright Minds Biosciences recently reported its quarterly earnings results on February 13, indicating an EPS of $0.01 for the quarter, surpassing the analysts' consensus estimate which had predicted an EPS of ($0.23) by a margin of $0.24. Market analysts forecast that the company is expected to post an EPS of -1.25 for the current fiscal year.

Institutional Investments

Several institutional investors have either increased or decreased their holdings in Bright Minds Biosciences recently. Notably, Bank of America Corp DE acquired a new stake in the company valued at approximately $173,000 in the fourth quarter. Similarly, Jane Street Group LLC and Atika Capital Management LLC bought new stakes each valued at around $238,000 and $540,000, respectively. Millennium Management LLC and Boothbay Fund Management LLC also made new investments of around $1.454 million and $1.606 million in the stock. Data indicates that approximately 40.52% of the stock is held by hedge funds and institutional investors.

About the Company

Bright Minds Biosciences Inc is a biotechnology company committed to developing innovative therapies aimed at improving the lives of patients suffering from severe and debilitating diseases in the United States. The company's research focuses on selective 5-HT receptor agonists, which include treatments for conditions such as epilepsy, pain management, and neuropsychiatric disorders. One of their key products, BMB-101, has completed its phase 1 trial for an undisclosed form of seizure disorder.

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