Bright Minds Biosciences (NASDAQ:DRUG) Now Covered by Analysts at Robert W. Baird

Robert W. Baird began coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research note issued to investors on Monday,Benzinga reports. The brokerage issued an outperform rating and a $75.00 price target on the stock.

Bright Minds Biosciences Stock Up 9.2 %

DRUG opened at $38.59 on Monday. Bright Minds Biosciences has a 52 week low of $0.93 and a 52 week high of $79.02. The business has a fifty day simple moving average of $25.52 and a 200-day simple moving average of $9.70. The firm has a market cap of $170.95 million, a P/E ratio of -56.75 and a beta of -6.62.

Insider Transactions at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp purchased 372,591 shares of the stock in a transaction dated Tuesday, October 15th. The stock was acquired at an average cost of $5.53 per share, for a total transaction of $2,060,428.23. Following the completion of 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 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.