Bright Minds Biosciences (NASDAQ:DRUG) Shares Up 6.4% – Here’s What Happened

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

Analyst Ratings Changes

A number of analysts have weighed in on the company. BTIG Research restated a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, August 17th. Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Lifesci Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, September 28th. HC Wainwright reaffirmed a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Finally, Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bright Minds Biosciences has an average rating of “Moderate Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Price Performance

The firm has a market capitalization of $505.96 million, a price-to-earnings ratio of -25.00 and a beta of -5.22. The company’s 50 day moving average price is $67.16 and its 200 day moving average price is $73.03.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($1.22) by $1.05. As a group, analysts expect that Bright Minds Biosciences Inc. will post -2.93 earnings per share for the current year.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of DRUG. Engineers Gate Manager LP acquired a new position in Bright Minds Biosciences during the second quarter worth about $380,000. Bank of New York Mellon Corp purchased a new position in Bright Minds Biosciences in the 2nd quarter worth approximately $1,046,000. Seven Fleet Capital Management LP acquired a new position in shares of Bright Minds Biosciences during the 1st quarter worth approximately $467,000. Vivo Capital LLC boosted its holdings in shares of 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 purchasing an additional 55,555 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Bright Minds Biosciences by 28.8% in the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after purchasing an additional 4,347 shares in the last quarter. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

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.