Bright Minds Biosciences (NASDAQ:DRUG) Rating Increased to Strong-Buy at Baird R W

Bright Minds Biosciences (NASDAQ:DRUG) was upgraded by analysts at Baird R W to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Separately, Robert W. Baird began coverage on shares of Bright Minds Biosciences in a research note on Monday. They set an “outperform” rating and a $75.00 price target for the company.

Bright Minds Biosciences Stock Down 1.2 %

NASDAQ DRUG opened at $38.11 on Monday. Bright Minds Biosciences has a 52 week low of $0.93 and a 52 week high of $79.02. The firm has a market capitalization of $168.83 million, a price-to-earnings ratio of -56.04 and a beta of -6.62. The company has a fifty day moving average of $26.26 and a two-hundred day moving average of $9.97.

Insider Transactions at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp acquired 372,591 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were bought at an average price 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 of the company’s stock, valued at $4,562,250. The trade was a 82.36 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company 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.