Bright Minds Biosciences (NASDAQ:DRUG) Shares Gap Up – Here’s What Happened

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares gapped up prior to trading on Friday . The stock had previously closed at $80.30, but opened at $85.11. Bright Minds Biosciences shares last traded at $83.6740, with a volume of 3,672 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. BTIG Research reiterated a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a report on Tuesday. Chardan Capital restated a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a research report on Friday, February 13th. Finally, HC Wainwright reissued a “buy” rating and set a $115.00 target price on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Bright Minds Biosciences Stock Performance

The firm has a market capitalization of $819.19 million, a P/E ratio of -43.61 and a beta of -6.18. The firm has a 50 day simple moving average of $83.21 and a two-hundred day simple moving average of $64.49.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.28. Sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors have recently added to or reduced their stakes in the stock. Police & Firemen s Retirement System of New Jersey acquired a new stake in Bright Minds Biosciences during the 2nd quarter worth $28,000. Royal Bank of Canada boosted its position in shares of Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after purchasing an additional 372 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after purchasing an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Bright Minds Biosciences during the third quarter valued at approximately $58,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bright Minds Biosciences during the second quarter worth about $66,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.