Bright Minds Biosciences Inc. (NASDAQ:DRUG) Given Consensus Recommendation of "Buy" by Brokerages

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) have received an average rating of "Buy" from the eight brokerages that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $82.50.Biotechs on the Brink: 2 Stocks With Huge PotentialDRUG has been the topic of several recent research reports. Chardan Capital raised shares of Bright Minds Biosciences to a "strong-buy" rating in a research report on Wednesday, November 19th. Zacks Research downgraded shares of Bright Minds Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 2nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Wall Street Zen downgraded shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research report on Friday, October 3rd. Finally, BTIG Research began coverage on Bright Minds Biosciences in a research report on Monday, September 8th. They issued a "buy" rating and a $72.00 price target for the company.Get Our Latest Stock Report on DRUGHedge Funds Weigh In On Bright Minds BiosciencesBright Minds Biosciences Stock Surges Almost 1,500%Institutional investors have recently modified their holdings of the company. Braidwell LP acquired a new position in shares of Bright Minds Biosciences during the third quarter valued at about $18,422,000. Vivo Capital LLC increased its stake in Bright Minds Biosciences by 99.4% during the third quarter. Vivo Capital LLC now owns 501,617 shares of the company's stock valued at $30,428,000 after acquiring an additional 250,045 shares during the period. Balyasny Asset Management L.P. acquired a new position in Bright Minds Biosciences in the 3rd quarter valued at approximately $11,339,000. Millennium Management LLC lifted its position 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 worth $6,946,000 after acquiring an additional 152,178 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Bright Minds Biosciences by 50.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company's stock worth $7,214,000 after purchasing an additional 67,500 shares in the last quarter. Institutional investors own 40.52% of the company's stock. Bright Minds Biosciences Price PerformanceDRUG opened at $88.83 on Thursday. The company has a market capitalization of $691.95 million, a PE ratio of -95.51 and a beta of -6.22. Bright Minds Biosciences has a fifty-two week low of $23.17 and a fifty-two week high of $97.75. The business has a 50-day moving average of $65.84 and a 200-day moving average of $47.14. About Bright Minds Biosciences (Get Free Report)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.Featured ArticlesFive stocks we like better than Bright Minds BiosciencesThe 3 Best Blue-Chip Stocks to Buy NowPost 35% Surge, Analysts Eye More Upside in Copper Giant FreeportThe Significance of Brokerage Rankings in Stock SelectionWhy a SpaceX IPO Could Be a Major Catalyst for GOOGL StockStock Sentiment Analysis: How it WorksCan Upwork Maintain Its Comeback? Reasons to Be Bullish and BearishThis 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 Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here