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

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

Separately, Robert W. Baird began coverage on Bright Minds Biosciences in a research report on Monday. They set an "outperform" rating and a $75.00 target price on the stock.

Bright Minds Biosciences Trading Up 2.8 %

NASDAQ DRUG traded up $1.07 during trading hours on Monday, hitting $39.18. 183,860 shares of the company's stock traded hands, compared to its average volume of 875,331. Bright Minds Biosciences has a 52 week low of $0.93 and a 52 week high of $79.02. The firm has a market capitalization of $173.57 million, a P/E ratio of -57.01 and a beta of -6.62. The business's fifty day moving average price is $27.00 and its two-hundred day moving average price is $10.23.

Insiders Place Their Bets

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp purchased 372,591 shares of the firm's stock in a transaction on Tuesday, October 15th. The shares were 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 directly owns 825,000 shares in the company, valued at $4,562,250. The trade was a 82.36 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 42.66% of the stock is 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.