Bright Minds Biosciences (NASDAQ:DRUG) Shares Gap Up – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) gapped up prior to trading on Tuesday . The stock had previously closed at $71.46, but opened at $73.88. Bright Minds Biosciences shares last traded at $71.6330, with a volume of 2,903 shares.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a report on Friday, February 13th. HC Wainwright upped their price target on Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. BTIG Research reaffirmed a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $124.50.

Bright Minds Biosciences Price Performance

The business has a fifty day simple moving average of $77.27 and a 200 day simple moving average of $72.79. The firm has a market cap of $805.25 million, a price-to-earnings ratio of -42.88 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Thursday, February 12th. The company reported ($0.70) EPS for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28. On average, research analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in shares of Bright Minds Biosciences by 240.0% in the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after purchasing an additional 372 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Bright Minds Biosciences by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after purchasing an additional 861 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Bright Minds Biosciences in the third quarter valued at approximately $58,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Bright Minds Biosciences in the third quarter valued at approximately $73,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the last quarter. 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.