BTIG Research Forecasts Strong Price Appreciation for Bright Minds Biosciences (NASDAQ:DRUG) Stock

Bright Minds Biosciences (NASDAQ:DRUG) had its price objective hoisted by equities research analysts at BTIG Research from $72.00 to $147.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s target price indicates a potential upside of 50.68% from the company’s current price.

A number of other research firms also recently issued reports on DRUG. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, December 27th. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. HC Wainwright reaffirmed a “buy” rating and set a $115.00 price target on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. Finally, Chardan Capital reissued a “buy” rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a report on Friday. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Bright Minds Biosciences has an average rating of “Moderate Buy” and an average target price of $108.75.

Bright Minds Biosciences Trading Up 21.9%

NASDAQ:DRUG traded up $17.55 during trading hours on Tuesday, reaching $97.56. The company had a trading volume of 786,614 shares, compared to its average volume of 449,108. The firm has a market cap of $759.96 million, a price-to-earnings ratio of -80.13 and a beta of -6.15. The firm’s 50 day moving average price is $70.26 and its 200-day moving average price is $52.16. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $123.75.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in shares of Bright Minds Biosciences by 142.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,265 shares of the company’s stock valued at $319,000 after acquiring an additional 3,092 shares during the period. Vivo Capital LLC boosted its position in shares of Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after purchasing an additional 250,045 shares during the period. Citadel Advisors LLC bought a new position in shares of Bright Minds Biosciences in the third quarter worth approximately $393,000. Bank of America Corp DE increased its stake in shares of Bright Minds Biosciences by 48.6% in the third quarter. Bank of America Corp DE now owns 7,037 shares of the company’s stock worth $427,000 after purchasing an additional 2,303 shares in the last quarter. Finally, Boothbay Fund Management LLC raised its position in shares of Bright Minds Biosciences by 46.7% during the 3rd quarter. Boothbay Fund Management LLC now owns 28,119 shares of the company’s stock valued at $1,706,000 after purchasing an additional 8,955 shares during the period. 40.52% of the stock is owned by hedge funds and other institutional investors.

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.