Bright Minds Biosciences (NASDAQ:DRUG) Stock Jumps 6.6% – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s share price shot up 6.6% on Thursday. The company traded as high as $53.56 and last traded at $54.0420. Approximately 7,996 shares changed hands 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 Analysts Forecast Growth

DRUG has been the topic of several research analyst reports. Zacks Research cut Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. BTIG Research restated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Oppenheimer downgraded Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. Finally, Benchmark reaffirmed a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Bright Minds Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $144.71.

Bright Minds Biosciences Stock Down 5.4%

The stock has a market capitalization of $499.15 million, a price-to-earnings ratio of -24.66 and a beta of -5.22. The business’s 50-day moving average is $64.18 and its two-hundred day moving average is $72.20.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DRUG. Strs Ohio boosted its position in shares of Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after acquiring an additional 1,800 shares during the last quarter. AdvisorShares Investments LLC increased its position in Bright Minds Biosciences by 26.8% during the first quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after purchasing an additional 2,669 shares during the last quarter. Bank of New York Mellon Corp increased its position in Bright Minds Biosciences by 32.7% during the first quarter. Bank of New York Mellon Corp now owns 13,253 shares of the company’s stock worth $967,000 after purchasing an additional 3,264 shares during the last quarter. Bank of America Corp DE raised its stake in Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock worth $1,417,000 after purchasing an additional 4,347 shares during the period. Finally, Engineers Gate Manager LP purchased a new position in Bright Minds Biosciences during the second quarter worth about $380,000. Hedge funds and other 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.