Bright Minds Biosciences Inc. (NASDAQ:DRUG) Short Interest Update

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totaling 703,646 shares, an increase of 32.9% from the March 15th total of 529,485 shares. Based on an average daily volume of 154,394 shares, the short-interest ratio is presently 4.6 days. Currently, 12.6% of the company’s shares are short sold.

Wall Street Analyst Weigh In

DRUG has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on Bright Minds Biosciences in a research note on Monday. They issued a “buy” rating and a $145.00 target price on the stock. Chardan Capital reiterated a “buy” rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Robert W. Baird set a $126.00 target price on Bright Minds Biosciences in a research note on Friday, February 13th. Finally, HC Wainwright increased their target price 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. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Bright Minds Biosciences has an average rating of “Moderate Buy” and a consensus price target of $128.60.

Institutional Investors Weigh In On Bright Minds Biosciences

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada lifted its stake in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Bright Minds Biosciences by 624.3% during the 2nd 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 last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bright Minds Biosciences during the 2nd quarter valued at about $66,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Bright Minds Biosciences during the 3rd quarter valued at about $73,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

Bright Minds Biosciences Trading Down 1.1%

Shares of DRUG traded down $0.97 during midday trading on Thursday, reaching $88.65. 198,153 shares of the stock were exchanged, compared to its average volume of 170,795. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $123.75. The company’s 50 day moving average is $78.12 and its two-hundred day moving average is $74.02. The company has a market capitalization of $862.74 million, a P/E ratio of -45.93 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28. On average, sell-side analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current year.

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.