Bright Minds Biosciences (NASDAQ:DRUG) Shares Climb 6.4% – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shot up 6.4% during trading on Wednesday. The company traded as high as $50.70 and last traded at $51.3610. Approximately 242,190 shares were traded during trading, an increase of 17% from the average daily volume of 206,924 shares. The stock had previously closed at $48.25.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DRUG. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. HC Wainwright reissued a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Oppenheimer cut Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. Lifesci Capital raised Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, September 28th. Finally, Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Price Performance

The stock has a 50 day simple moving average of $67.99 and a two-hundred day simple moving average of $73.31. The company has a market cap of $504.81 million, a price-to-earnings ratio of -25.02 and a beta of -5.22.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.22) by $1.05. As a group, research analysts forecast that Bright Minds Biosciences Inc. will post -2.93 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DRUG. Janus Henderson Group PLC raised its position in Bright Minds Biosciences by 11.1% in the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after purchasing an additional 128,329 shares during the period. Vivo Capital LLC increased its position in shares of Bright Minds Biosciences by 11.1% during the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after purchasing an additional 55,555 shares during the last quarter. Eventide Asset Management LLC acquired a new stake in shares of Bright Minds Biosciences during the 4th quarter worth about $8,039,000. Walleye Capital LLC increased its position in shares of Bright Minds Biosciences by 108.0% during the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock worth $3,919,000 after purchasing an additional 27,880 shares during the last quarter. Finally, Orbimed Advisors LLC purchased a new stake in Bright Minds Biosciences in the 1st quarter valued at about $2,919,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.