Bright Minds Biosciences (NASDAQ:DRUG) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw strong trading volume on Wednesday . 146,802 shares were traded during trading, an increase of 95% from the previous session’s volume of 75,119 shares.The stock last traded at $71.2690 and had previously closed at $70.34.

Analysts Set New Price Targets

DRUG has been the topic of several research reports. BTIG Research started coverage on Bright Minds Biosciences in a research note on Monday, September 8th. They issued a “buy” rating and a $72.00 target price on the stock. Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday. Finally, HC Wainwright reissued a “buy” rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $82.50.

Bright Minds Biosciences Price Performance

The firm has a market capitalization of $567.50 million, a P/E ratio of -78.47 and a beta of -6.22. The firm’s 50 day moving average is $59.59 and its two-hundred day moving average is $43.11.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of DRUG. Braidwell LP bought a new position in Bright Minds Biosciences during the third quarter worth about $18,422,000. Vivo Capital LLC lifted its position in shares of Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after buying an additional 250,045 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $11,339,000. Millennium Management LLC boosted its stake in shares of Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after acquiring an additional 152,178 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Bright Minds Biosciences by 50.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after acquiring an additional 67,500 shares during the last quarter. 40.52% of the stock is owned by institutional investors.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.