Bright Minds Biosciences Inc. (NASDAQ:DRUG) Sees Large Growth in Short Interest

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was the target of a large increase in short interest in the month of January. As of January 15th, there was short interest totaling 564,277 shares, an increase of 67.5% from the December 31st total of 336,924 shares. Based on an average daily trading volume, of 362,208 shares, the short-interest ratio is presently 1.6 days. Currently, 10.1% of the company’s shares are sold short. Currently, 10.1% of the company’s shares are sold short. Based on an average daily trading volume, of 362,208 shares, the short-interest ratio is presently 1.6 days.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DRUG. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Chardan Capital restated a “buy” rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a report on Friday, January 2nd. BTIG Research lifted their target price on Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Finally, Robert W. Baird set a $142.00 price objective on Bright Minds Biosciences in a research report on Wednesday, January 7th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Bright Minds Biosciences has an average rating of “Moderate Buy” and an average price target of $121.00.

Bright Minds Biosciences Trading Down 5.7%

DRUG stock traded down $4.73 during mid-day trading on Friday, reaching $77.75. The company’s stock had a trading volume of 197,018 shares, compared to its average volume of 235,076. Bright Minds Biosciences has a 12 month low of $23.17 and a 12 month high of $123.75. The business’s 50 day moving average price is $81.91 and its 200 day moving average price is $60.31. The company has a market cap of $756.51 million, a price-to-earnings ratio of -63.73 and a beta of -6.17.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new stake in Bright Minds Biosciences in the 3rd quarter valued at about $58,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Bright Minds Biosciences during the second quarter valued at approximately $28,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Bright Minds Biosciences in the third quarter valued at $73,000. JPMorgan Chase & Co. lifted its position in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Bright Minds Biosciences during the second quarter worth $66,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

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.