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

Baird R W upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) to a strong-buy rating in a research report report published on Monday,Zacks.com reports.

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

Bright Minds Biosciences Stock Up 2.8 %

Shares of NASDAQ:DRUG opened at $39.18 on Monday. The stock has a market cap of $173.57 million, a PE ratio of -57.62 and a beta of -6.62. The company’s fifty day moving average is $27.76 and its 200 day moving average is $10.43. Bright Minds Biosciences has a 52 week low of $0.93 and a 52 week high of $79.02.

Insider Activity

In other news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was acquired at an average cost of $5.53 per share, with a total value of $2,060,428.23. Following the completion of the acquisition, the insider now owns 825,000 shares of the company’s stock, valued at approximately $4,562,250. This represents a 82.36 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 42.66% of the company’s stock.

Bright Minds Biosciences Company Profile

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.