Bright Minds Biosciences (NASDAQ:DRUG) Shares Up 7.4% – Time to Buy?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shot up 7.4% during mid-day trading on Monday . The stock traded as high as $76.65 and last traded at $76.72. 40,858 shares traded hands during trading, a decline of 76% from the average session volume of 168,667 shares. The stock had previously closed at $71.46.

Wall Street Analysts Forecast Growth

DRUG has been the topic of several recent analyst reports. BTIG Research reiterated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. HC Wainwright lifted their price objective on Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Chardan Capital reaffirmed a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Finally, Robert W. Baird set a $126.00 price objective on Bright Minds Biosciences in a research report on Friday, February 13th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $124.50.

Bright Minds Biosciences Price Performance

The firm has a market cap of $731.59 million, a P/E ratio of -39.19 and a beta of -5.34. The company’s 50 day moving average is $77.61 and its two-hundred day moving average is $72.38.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.28. Research analysts predict that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Braidwell LP acquired a new position in Bright Minds Biosciences in the third quarter worth about $18,422,000. Vivo Capital LLC raised its holdings in shares of Bright Minds Biosciences by 99.4% in the 3rd 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 bought a new position in shares of Bright Minds Biosciences during the 4th quarter worth approximately $17,961,000. Balyasny Asset Management L.P. acquired a new stake in Bright Minds Biosciences in the 3rd quarter valued at $11,339,000. Finally, Millennium Management LLC grew its position in Bright Minds Biosciences by 376.9% in the first 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. 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.