Bright Minds Biosciences (NASDAQ:DRUG) Sets New 1-Year High – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $88.61 and last traded at $81.4350, with a volume of 33654 shares traded. The stock had previously closed at $84.39.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research report on Monday, September 15th. BTIG Research started coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They issued a “buy” rating and a $72.00 price target for the company. Chardan Capital raised shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Wednesday, November 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Bright Minds Biosciences currently has an average rating of “Buy” and an average price target of $82.50.

Bright Minds Biosciences Stock Up 2.7%

The firm’s 50-day moving average price is $62.34 and its 200 day moving average price is $45.01. The firm has a market cap of $674.93 million, a P/E ratio of -93.68 and a beta of -6.22.

Hedge Funds Weigh In On Bright Minds Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. OMERS ADMINISTRATION Corp acquired a new stake in Bright Minds Biosciences in the 1st quarter valued at approximately $505,000. Adage Capital Partners GP L.L.C. grew its stake in shares of Bright Minds Biosciences by 50.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after purchasing an additional 67,500 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares during the period. Goldman Sachs Group Inc. bought a new stake in shares of Bright Minds Biosciences during the first quarter valued at about $802,000. Finally, AdvisorShares Investments LLC lifted 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 worth $378,000 after purchasing an additional 3,200 shares during the period. 40.52% of the stock is currently 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.