Bright Minds Biosciences (NASDAQ:DRUG) Trading 10.3% Higher – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares shot up 10.3% on Wednesday . The company traded as high as $84.29 and last traded at $85.3650. 33,755 shares were traded during trading, a decline of 56% from the average session volume of 77,132 shares. The stock had previously closed at $77.40.

Analysts Set New Price Targets

Several analysts recently issued reports on DRUG shares. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. HC Wainwright reissued a “buy” rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, September 15th. BTIG Research began coverage on Bright Minds Biosciences in a report on Monday, September 8th. They issued a “buy” rating and a $72.00 target price for the company. Finally, Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Bright Minds Biosciences has a consensus rating of “Buy” and a consensus target price of $82.50.

Bright Minds Biosciences Stock Up 9.8%

The firm has a 50-day moving average price of $61.81 and a 200 day moving average price of $44.74. The firm has a market capitalization of $661.88 million, a PE ratio of -91.36 and a beta of -6.22.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of DRUG. Goldman Sachs Group Inc. acquired a new position in shares of Bright Minds Biosciences during the first quarter worth $802,000. Adage Capital Partners GP L.L.C. raised its position in shares of Bright Minds Biosciences by 50.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after acquiring an additional 67,500 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Bright Minds Biosciences during the 1st quarter worth about $505,000. Sio Capital Management LLC lifted its stake in Bright Minds Biosciences by 0.9% during the second quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock worth $13,377,000 after purchasing an additional 4,776 shares during the last quarter. Finally, AdvisorShares Investments LLC boosted its holdings in Bright Minds Biosciences by 28.4% in the second quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock valued at $378,000 after purchasing an additional 3,200 shares in the last quarter. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

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.