Bright Minds Biosciences (NASDAQ:DRUG) Coverage Initiated at Robert W. Baird

Equities researchers at Robert W. Baird assumed coverage on shares of Bright Minds Biosciences (NASDAQ:DRUG) in a research note issued to investors on Monday,Benzinga reports. The brokerage set an “outperform” rating and a $75.00 price target on the stock. Robert W. Baird’s price target suggests a potential upside of 94.81% from the stock’s current price.

Bright Minds Biosciences Stock Performance

Bright Minds Biosciences stock traded up $3.17 during mid-day trading on Monday, hitting $38.50. The company’s stock had a trading volume of 146,866 shares, compared to its average volume of 880,129. The stock has a market cap of $170.56 million, a PE ratio of -56.62 and a beta of -6.62. Bright Minds Biosciences has a one year low of $0.93 and a one year high of $79.02. The company has a 50 day moving average of $25.52 and a 200-day moving average of $9.70.

Insiders Place Their Bets

In other news, major shareholder Cormorant Asset Management, Lp purchased 372,591 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was bought at an average price 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 $4,562,250. The trade was a 82.36 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 42.66% of the stock is currently owned by company 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.