Bright Minds Biosciences (NASDAQ:DRUG) Trading Up 7.2% – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shot up 7.2% during mid-day trading on Wednesday . The company traded as high as $66.90 and last traded at $69.2650. Approximately 186,540 shares traded hands during trading, a decline of 20% from the average daily volume of 232,675 shares. The stock had previously closed at $64.64.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. BTIG Research reiterated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Piper Sandler restated 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. HC Wainwright restated a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a report on Monday, June 1st. Jefferies Financial Group assumed coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They issued a “buy” rating and a $145.00 target price on the stock. Finally, Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Bright Minds Biosciences presently has an average rating of “Moderate Buy” and an average target price of $143.83.

Bright Minds Biosciences Price Performance

The stock’s 50-day moving average price is $74.80 and its 200-day moving average price is $78.98. The company has a market cap of $675.77 million, a P/E ratio of -28.49 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) EPS for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. As a group, analysts expect that Bright Minds Biosciences Inc. will post -4.9 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the transaction, the insider directly owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. This trade represents a 10.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 42.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bright Minds Biosciences

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC grew its position in Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in Bright Minds Biosciences in the 1st quarter valued at $802,000. Geode Capital Management LLC bought a new stake in shares of Bright Minds Biosciences during the 2nd quarter valued at $1,502,000. JPMorgan Chase & Co. lifted its position in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares during the period. Finally, New York State Common Retirement Fund acquired a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth $107,000. 40.52% of the stock is currently owned by institutional investors.

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.