Bright Minds Biosciences (NASDAQ:DRUG) Shares Gap Up – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares gapped up prior to trading on Friday . The stock had previously closed at $80.30, but opened at $85.11. Bright Minds Biosciences shares last traded at $83.6740, with a volume of 3,672 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and issued a $115.00 price target on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. BTIG Research reissued a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research report on Tuesday. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Chardan Capital reissued a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Finally, Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Price Performance

The business has a fifty day moving average price of $83.21 and a 200 day moving average price of $64.49. The company has a market capitalization of $819.19 million, a price-to-earnings ratio of -43.61 and a beta of -6.18.

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

Hedge Funds Weigh In On Bright Minds Biosciences

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its position in Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after acquiring an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of Bright Minds Biosciences in the 1st quarter valued at approximately $802,000. AdvisorShares Investments LLC boosted its stake in Bright Minds Biosciences by 28.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock worth $378,000 after acquiring an additional 3,200 shares during the last quarter. Geode Capital Management LLC acquired a new position in Bright Minds Biosciences during the second quarter valued at approximately $1,502,000. Finally, Police & Firemen s Retirement System of New Jersey bought a new stake in Bright Minds Biosciences in the second quarter valued at approximately $28,000. 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.