Bright Minds Biosciences (NASDAQ:DRUG) Trading 4.2% Higher – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares were up 4.2% on Wednesday . The company traded as high as $78.40 and last traded at $79.0010. Approximately 43,697 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 82,167 shares. The stock had previously closed at $75.85.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. BTIG Research began coverage on shares of Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 price objective on the stock. Chardan Capital raised Bright Minds Biosciences to a “strong-buy” rating in a research report on Wednesday, November 19th. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. Zacks Research cut Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $115.00 price target on shares of Bright Minds Biosciences in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $90.00.

Bright Minds Biosciences Price Performance

The firm’s fifty day moving average is $68.74 and its 200-day moving average is $50.70. The firm has a market cap of $616.18 million, a price-to-earnings ratio of -64.84 and a beta of -6.22.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently added to or reduced their stakes in DRUG. Police & Firemen s Retirement System of New Jersey acquired a new position in Bright Minds Biosciences in the second quarter valued at approximately $28,000. JPMorgan Chase & Co. increased its stake in shares of Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bright Minds Biosciences during the second quarter worth $66,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Bright Minds Biosciences in the third quarter worth $73,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

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.