Bright Minds Biosciences (NASDAQ:DRUG) Upgraded 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 note published on Monday,Zacks.com reports.

Separately, Robert W. Baird initiated coverage on Bright Minds Biosciences in a research report on Monday. They issued an “outperform” rating and a $75.00 price target for the company.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG opened at $39.18 on Monday. Bright Minds Biosciences has a fifty-two week low of $0.93 and a fifty-two week high of $79.02. The business has a 50-day moving average of $27.00 and a two-hundred day moving average of $10.23. The stock has a market capitalization of $173.57 million, a P/E ratio of -57.01 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 that occurred on Tuesday, October 15th. The shares were purchased at an average cost of $5.53 per share, for a total transaction of $2,060,428.23. Following the completion of the purchase, the insider now directly owns 825,000 shares of the company’s stock, valued at approximately $4,562,250. The trade was a 82.36 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 42.66% of the stock is currently owned by corporate insiders.

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.