Bright Minds Biosciences (NASDAQ:DRUG) Shares Up 7.2% – Here’s Why

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on DRUG shares. BTIG Research reissued a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Wall Street Zen raised shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday. Jefferies Financial Group started coverage on Bright Minds Biosciences in a report on Monday, April 13th. They set a “buy” rating and a $145.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company 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 firm 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 earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. As a group, analysts forecast that Bright Minds Biosciences Inc. will post -4.9 EPS for the current fiscal year.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total value of $9,785,124.50. Following the completion of the transaction, the insider owned 950,000 shares in the company, valued at $85,025,000. This trade represents a 10.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 42.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Bright Minds Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Braidwell LP acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $18,422,000. Vivo Capital LLC lifted its holdings in Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after purchasing an additional 250,045 shares during the last quarter. MPM Bioimpact LLC acquired a new stake in Bright Minds Biosciences during the 4th quarter valued at $17,961,000. Balyasny Asset Management L.P. bought a new position in Bright Minds Biosciences during the third quarter worth $11,339,000. Finally, Millennium Management LLC boosted 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 purchasing 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.