Bright Minds Biosciences (NASDAQ:DRUG) Shares Up 7.9% – Still a Buy?

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) rose 7.9% on Tuesday . The stock traded as high as $84.43 and last traded at $84.06. Approximately 43,932 shares traded hands during trading, a decline of 78% from the average daily volume of 204,310 shares. The stock had previously closed at $77.90.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $115.00 price target on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research note on Friday. Chardan Capital reiterated a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Zacks Research cut Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Price Performance

The firm has a market cap of $816.61 million, a price-to-earnings ratio of -43.48 and a beta of -6.18. The firm’s fifty day moving average is $83.22 and its 200-day moving average is $63.87.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28. As a group, equities research analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

Institutional Trading of Bright Minds Biosciences

Large investors have recently made changes to their positions in the company. Royal Bank of Canada increased its position in Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after buying an additional 372 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Bright Minds Biosciences in the third quarter valued at approximately $58,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Bright Minds Biosciences during the second quarter valued at approximately $28,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bright Minds Biosciences during the third quarter worth approximately $73,000. Finally, JPMorgan Chase & Co. raised its position in shares of Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after purchasing an additional 1,873 shares during the period. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.