Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Up 6.6% – Here’s What Happened

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares were up 6.6% on Thursday. The company traded as high as $53.56 and last traded at $54.0420. 7,996 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 206,755 shares. The stock had previously closed at $50.71.

Wall Street Analyst Weigh In

DRUG has been the subject of several recent research reports. Lifesci Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, September 28th. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Wolfe Research began coverage on Bright Minds Biosciences in a research note on Thursday. They issued an “outperform” rating and a $150.00 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, September 15th. Finally, Oppenheimer lowered Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $144.71.

Bright Minds Biosciences Trading Up 7.9%

The firm has a market capitalization of $532.53 million, a P/E ratio of -26.34 and a beta of -5.22. The business’s 50 day simple moving average is $65.28 and its two-hundred day simple moving average is $72.46.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. Analysts predict that Bright Minds Biosciences Inc. will post -2.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of large investors have recently added to or reduced their stakes in DRUG. Orbimed Advisors LLC purchased a new stake in Bright Minds Biosciences during the 1st quarter valued at $2,919,000. Janus Henderson Group PLC lifted its holdings in shares of Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after buying an additional 128,329 shares during the period. Vivo Capital LLC boosted its stake in shares of Bright Minds Biosciences by 11.1% in the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after buying an additional 55,555 shares during the last quarter. ADAR1 Capital Management LLC boosted its stake in shares of Bright Minds Biosciences by 868.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock worth $2,474,000 after buying an additional 30,400 shares during the last quarter. Finally, Walleye Capital LLC boosted its stake in shares of Bright Minds Biosciences by 108.0% in the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock worth $3,919,000 after buying an additional 27,880 shares during the last quarter. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.