Bright Minds Biosciences (NASDAQ:DRUG) Shares Gap Up – Here’s Why

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) gapped up prior to trading on Tuesday . The stock had previously closed at $71.46, but opened at $73.88. Bright Minds Biosciences shares last traded at $71.6330, with a volume of 2,903 shares.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DRUG shares. HC Wainwright increased their price target on Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Chardan Capital reaffirmed a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a research note on Friday, February 13th. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Finally, BTIG Research reissued a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $124.50.

Bright Minds Biosciences Stock Down 1.3%

The company has a 50-day moving average price of $77.39 and a 200 day moving average price of $72.56. The firm has a market cap of $720.36 million, a price-to-earnings ratio of -38.45 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.98) by $0.28. Equities analysts forecast that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings in Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after buying an additional 372 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after buying an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Bright Minds Biosciences during the third quarter valued at about $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bright Minds Biosciences during the second quarter valued at about $66,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Bright Minds Biosciences during the third quarter valued at about $73,000. 40.52% of the stock is currently owned by 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.