Bright Minds Biosciences (NASDAQ:DRUG) Trading 5.9% Higher – Still a Buy?

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s stock price traded up 5.9% during trading on Tuesday . The company traded as high as $83.74 and last traded at $84.18. Approximately 101,235 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 229,750 shares. The stock had previously closed at $79.48.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. BTIG Research reissued a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a report on Monday, June 1st. Piper Sandler reiterated an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Finally, Zacks Research raised Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $143.83.

Bright Minds Biosciences Price Performance

The firm has a market capitalization of $815.01 million, a P/E ratio of -40.35 and a beta of -5.27. The company’s 50-day simple moving average is $70.98 and its two-hundred day simple moving average is $77.06.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($1.23) by $1.06. Analysts predict that Bright Minds Biosciences Inc. will post -4.86 earnings per share for the current year.

Institutional Trading of Bright Minds Biosciences

Several hedge funds have recently bought and sold shares of the stock. Vivo Capital LLC increased its position in 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 buying an additional 250,045 shares in the last quarter. MPM Bioimpact LLC purchased a new position in shares of Bright Minds Biosciences during the 4th quarter valued at about $17,961,000. Balyasny Asset Management L.P. purchased a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at about $11,339,000. Millennium Management LLC grew its stake in shares of Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after acquiring an additional 152,178 shares during the period. Finally, Ikarian Capital LLC increased its holdings in Bright Minds Biosciences by 933.1% in the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock worth $12,441,000 after acquiring an additional 143,990 shares in the last quarter. Institutional investors own 40.52% of the company’s stock.

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.