Baird R W Upgrades Bright Minds Biosciences (NASDAQ:DRUG) to “Strong-Buy”

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

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

Bright Minds Biosciences Price Performance

NASDAQ DRUG opened at $38.11 on Monday. The company has a market cap of $168.83 million, a P/E ratio of -56.04 and a beta of -6.62. Bright Minds Biosciences has a 1-year low of $0.93 and a 1-year high of $79.02. The stock has a 50-day moving average of $26.26 and a two-hundred day moving average of $9.97.

Insider Buying and Selling

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 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.