Bright Minds Biosciences (NASDAQ:DRUG) Reaches New 52-Week High – Time to Buy?

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $123.75 and last traded at $101.0580, with a volume of 390772 shares. The stock had previously closed at $80.01.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DRUG. Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, December 27th. Chardan Capital restated a “buy” rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research report on Friday. BTIG Research began 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. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $90.00.

Bright Minds Biosciences Price Performance

The stock has a market capitalization of $776.62 million, a price-to-earnings ratio of -81.54 and a beta of -6.15. The business has a fifty day moving average of $70.26 and a 200 day moving average of $52.16.

Institutional Trading of Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Braidwell LP acquired a new position in Bright Minds Biosciences in the 3rd quarter valued at about $18,422,000. Vivo Capital LLC boosted its holdings in Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after purchasing an additional 250,045 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at $11,339,000. Millennium Management LLC increased its position 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 worth $6,946,000 after purchasing an additional 152,178 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in 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 worth $7,214,000 after buying an additional 67,500 shares during the period. Institutional investors and hedge funds 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.