Bright Minds Biosciences (NASDAQ:DRUG) Shares Up 7.9% – Should You Buy?

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) rose 7.9% during trading on Tuesday . The company traded as high as $84.43 and last traded at $84.06. Approximately 43,932 shares traded hands during trading, a decline of 78% from the average daily volume of 204,310 shares. The stock had previously closed at $77.90.

Wall Street Analysts Forecast Growth

DRUG has been the subject of several research reports. Robert W. Baird set a $126.00 price objective on shares of Bright Minds Biosciences in a research report on Friday, February 13th. BTIG Research reiterated a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, Chardan Capital restated a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Stock Up 7.2%

The company’s 50-day moving average is $83.21 and its 200-day moving average is $64.49. The stock has a market capitalization of $837.56 million, a price-to-earnings ratio of -44.60 and a beta of -6.18.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.28. Sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. purchased a new position in shares of Bright Minds Biosciences in the 4th quarter valued at about $328,000. Ikarian Capital LLC raised its holdings in shares of Bright Minds Biosciences by 933.1% in the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock valued at $12,441,000 after purchasing an additional 143,990 shares in the last quarter. Wellington Management Group LLP purchased a new position in Bright Minds Biosciences in the fourth quarter valued at $1,068,000. Millennium Management LLC lifted its holdings in Bright Minds Biosciences by 153.6% during the 4th quarter. Millennium Management LLC now owns 194,437 shares of the company’s stock worth $15,174,000 after buying an additional 117,756 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Bright Minds Biosciences by 0.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,155,995 shares of the company’s stock worth $90,832,000 after acquiring an additional 10,335 shares in the last quarter. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

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.