HC Wainwright Initiates Coverage on Bright Minds Biosciences (NASDAQ:DRUG)

HC Wainwright began coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research report sent to investors on Friday morning, MarketBeat reports. The firm issued a buy rating and a $85.00 target price on the stock.

Several other equities analysts also recently commented on DRUG. Baird R W raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th. Robert W. Baird assumed coverage on Bright Minds Biosciences in a report on Monday, November 25th. They set an “outperform” rating and a $75.00 price objective on the stock.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock opened at $38.89 on Friday. The firm has a market cap of $172.44 million, a price-to-earnings ratio of -57.19 and a beta of -6.52. The stock has a 50-day simple moving average of $40.68 and a 200-day simple moving average of $18.68. Bright Minds Biosciences has a 52-week low of $0.93 and a 52-week high of $79.02.

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

Insider Buying and Selling

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

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.