Bright Minds Biosciences (NASDAQ:DRUG) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw unusually-high trading volume on Wednesday . Approximately 146,802 shares traded hands during mid-day trading, an increase of 95% from the previous session’s volume of 75,119 shares.The stock last traded at $71.2690 and had previously closed at $70.34.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. BTIG Research started coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They set a “buy” rating and a $72.00 target price for the company. HC Wainwright restated a “buy” rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, September 15th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday. Chardan Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a research note on Wednesday, November 19th. Finally, Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Two research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $82.50.

Bright Minds Biosciences Trading Up 3.6%

The stock’s 50-day simple moving average is $59.59 and its 200-day simple moving average is $43.11. The stock has a market cap of $567.50 million, a price-to-earnings ratio of -78.47 and a beta of -6.22.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of hedge funds have recently added to or reduced their stakes in DRUG. Vivo Capital LLC raised its holdings in Bright Minds Biosciences by 99.4% in the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after acquiring an additional 250,045 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Bright Minds Biosciences in the third quarter worth $393,000. Bank of America Corp DE raised its stake in Bright Minds Biosciences by 48.6% in the third quarter. Bank of America Corp DE now owns 7,037 shares of the company’s stock valued at $427,000 after purchasing an additional 2,303 shares in the last quarter. Boothbay Fund Management LLC lifted its position in Bright Minds Biosciences by 46.7% during the third quarter. Boothbay Fund Management LLC now owns 28,119 shares of the company’s stock worth $1,706,000 after purchasing an additional 8,955 shares during the period. Finally, Braidwell LP acquired a new stake in Bright Minds Biosciences during the third quarter worth about $18,422,000. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.