Bright Minds Biosciences (NASDAQ:DRUG) Sees Strong 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 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.

Wall Street Analyst Weigh In

A number of research firms have issued reports on DRUG. BTIG Research initiated coverage on Bright Minds Biosciences in a research note on Monday, September 8th. They issued a “buy” rating and a $72.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday. HC Wainwright reaffirmed a “buy” rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research note on Monday, September 15th. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Finally, Chardan Capital raised shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Wednesday, November 19th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $82.50.

Bright Minds Biosciences Trading Up 11.0%

The stock has a market capitalization of $626.77 million, a P/E ratio of -86.56 and a beta of -6.22. The stock has a 50 day moving average of $60.45 and a 200-day moving average of $43.53.

Institutional Trading of Bright Minds Biosciences

Hedge funds have recently bought and sold shares of the business. Sio Capital Management LLC increased its stake in Bright Minds Biosciences by 0.9% during the second quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock worth $13,377,000 after acquiring an additional 4,776 shares during the last quarter. Vivo Capital LLC grew its holdings in shares of Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after purchasing an additional 250,045 shares during the period. Braidwell LP acquired a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth about $18,422,000. Adage Capital Partners GP L.L.C. raised its holdings in Bright Minds Biosciences by 50.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock valued at $7,214,000 after buying an additional 67,500 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Bright Minds Biosciences by 376.9% in the 1st 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 and hedge funds own 40.52% of the company’s stock.

About Bright Minds Biosciences

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.