Bright Minds Biosciences (NASDAQ:DRUG) Shares Up 7.4% – Here’s What Happened

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) shot up 7.4% on Monday . The company traded as high as $76.65 and last traded at $76.72. 40,858 shares were traded during mid-day trading, a decline of 76% from the average session volume of 168,667 shares. The stock had previously closed at $71.46.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on DRUG. BTIG Research restated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Chardan Capital reaffirmed a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a research report on Friday, February 13th. Finally, 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 report on Wednesday, March 4th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $124.50.

Bright Minds Biosciences Stock Up 6.5%

The company has a market capitalization of $796.77 million, a PE ratio of -42.59 and a beta of -5.34. The stock has a 50-day moving average of $77.22 and a 200 day moving average of $72.72.

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

Institutional Trading of Bright Minds Biosciences

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