Bright Minds Biosciences (NASDAQ:DRUG) Sees Unusually-High Trading Volume – Here’s Why

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw strong trading volume on Tuesday . 189,459 shares changed hands during mid-day trading, an increase of 132% from the previous session’s volume of 81,839 shares.The stock last traded at $77.9050 and had previously closed at $78.12.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. BTIG Research started coverage on Bright Minds Biosciences in a report on Monday, September 8th. They set a “buy” rating and a $72.00 price objective for the company. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Chardan Capital raised Bright Minds Biosciences to a “strong-buy” rating in a report on Wednesday, November 19th. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $115.00 target price on shares of Bright Minds Biosciences in a research note on Tuesday. One research 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 stock. According to MarketBeat.com, Bright Minds Biosciences presently has an average rating of “Buy” and an average price target of $90.00.

Bright Minds Biosciences Stock Performance

The firm has a 50 day simple moving average of $68.61 and a 200 day simple moving average of $50.36. The firm has a market cap of $606.92 million, a P/E ratio of -63.86 and a beta of -6.22.

Institutional Trading of Bright Minds Biosciences

Several institutional investors and hedge funds have recently modified their holdings of DRUG. Goldman Sachs Group Inc. bought a new stake in Bright Minds Biosciences in the first quarter valued at approximately $802,000. Adage Capital Partners GP L.L.C. raised its holdings in shares of Bright Minds Biosciences by 50.9% during the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock valued at $7,214,000 after acquiring an additional 67,500 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in Bright Minds Biosciences in the first quarter worth $505,000. Sio Capital Management LLC boosted its holdings in Bright Minds Biosciences by 0.9% in the second quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock valued at $13,377,000 after acquiring an additional 4,776 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey purchased a new position in Bright Minds Biosciences during the 2nd quarter valued at $28,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

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.