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

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

Wall Street Analysts Forecast Growth

DRUG has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. HC Wainwright restated a “buy” rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a research 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 report on Tuesday, December 2nd. BTIG Research assumed coverage on Bright Minds Biosciences in a research note on Monday, September 8th. They issued a “buy” rating and a $72.00 price target on the stock. Finally, Chardan Capital raised Bright Minds Biosciences to a “strong-buy” rating in a research report on Wednesday, November 19th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $82.50.

Bright Minds Biosciences Price Performance

The company has a 50 day simple moving average of $64.30 and a 200-day simple moving average of $46.37. The firm has a market cap of $707.08 million, a PE ratio of -97.67 and a beta of -6.22.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth $28,000. JPMorgan Chase & Co. increased its holdings 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 worth $57,000 after purchasing an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth about $66,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Bright Minds Biosciences during the third quarter valued at approximately $73,000. 40.52% of the stock is owned by 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.