Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Up 6.4% – Should You Buy?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares traded up 6.4% on Wednesday. The company traded as high as $50.70 and last traded at $51.3610. 242,190 shares were traded during trading, an increase of 17% from the average daily volume of 206,924 shares. The stock had previously closed at $48.25.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a report on Wednesday, August 19th. Lifesci Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, September 28th. BTIG Research reissued a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Benchmark restated a “buy” rating on shares of Bright Minds Biosciences in a research report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Stock Up 7.5%

The business has a 50-day moving average price of $67.99 and a two-hundred day moving average price of $73.31. The firm has a market cap of $504.81 million, a PE ratio of -25.02 and a beta of -5.22.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. On average, equities research analysts predict that Bright Minds Biosciences Inc. will post -2.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Orbimed Advisors LLC acquired a new stake in Bright Minds Biosciences in the first quarter valued at approximately $2,919,000. Janus Henderson Group PLC lifted its stake in Bright Minds Biosciences by 11.1% in the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after acquiring an additional 128,329 shares during the last quarter. Vivo Capital LLC grew its holdings in Bright Minds Biosciences by 11.1% during the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after acquiring an additional 55,555 shares in the last quarter. ADAR1 Capital Management LLC grew its holdings in Bright Minds Biosciences by 868.6% during the 1st quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock worth $2,474,000 after acquiring an additional 30,400 shares in the last quarter. Finally, Walleye Capital LLC grew its holdings in Bright Minds Biosciences by 108.0% during the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock worth $3,919,000 after acquiring an additional 27,880 shares in the last quarter. 40.52% of the stock is owned by institutional investors and hedge funds.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.