Bright Minds Biosciences (NASDAQ:DRUG) Trading Up 7.3% – Still a Buy?

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) shot up 7.3% during mid-day trading on Tuesday . The company traded as high as $92.16 and last traded at $91.9090. 54,860 shares were traded during trading, a decline of 29% from the average session volume of 77,674 shares. The stock had previously closed at $85.67.

Analyst Upgrades and Downgrades

DRUG has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a report on Monday, September 15th. Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Chardan Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Wednesday, November 19th. BTIG Research initiated coverage on shares of Bright Minds Biosciences in a report on Monday, September 8th. They set a “buy” rating and a $72.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $82.50.

Bright Minds Biosciences Stock Down 10.4%

The business’s 50 day simple moving average is $65.84 and its 200 day simple moving average is $47.14. The stock has a market cap of $614.48 million, a price-to-earnings ratio of -84.82 and a beta of -6.22.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds have recently made changes to their positions in DRUG. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. Police & Firemen s Retirement System of New Jersey bought a new position in Bright Minds Biosciences during the second quarter worth $28,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bright Minds Biosciences in the third quarter valued at $73,000. JPMorgan Chase & Co. raised its position in shares of Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth about $66,000. 40.52% of the stock is owned by institutional investors and hedge funds.

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.