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

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s stock price gapped up before the market opened on Wednesday. The stock had previously closed at $51.09, but opened at $54.25. Bright Minds Biosciences shares last traded at $54.0420, with a volume of 404 shares traded.

Wall Street Analyst Weigh In

DRUG has been the subject of several recent research reports. Oppenheimer cut Bright Minds Biosciences to a “market perform” rating in a report on Thursday, August 20th. Lifesci Capital raised Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, September 28th. Benchmark restated a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. Wolfe Research assumed coverage on shares of Bright Minds Biosciences in a research report on Thursday, October 15th. They issued an “outperform” rating and a $150.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $144.71.

Bright Minds Biosciences Stock Performance

The business has a fifty day simple moving average of $60.79 and a 200-day simple moving average of $73.81. The firm has a market cap of $532.19 million, a price-to-earnings ratio of -26.43 and a beta of -5.22.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Friday, August 14th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($1.22) by $1.05. On average, equities analysts anticipate that Bright Minds Biosciences Inc. will post -2.93 earnings per share for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds have recently modified their holdings of the business. Engineers Gate Manager LP acquired a new stake in Bright Minds Biosciences in the second quarter valued at $380,000. Bank of New York Mellon Corp acquired a new position in Bright Minds Biosciences during the 2nd quarter worth about $1,046,000. Seven Fleet Capital Management LP acquired a new position in Bright Minds Biosciences during the 1st quarter worth about $467,000. Vivo Capital LLC lifted its holdings in 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 buying an additional 55,555 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Bright Minds Biosciences by 28.8% in the 1st quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after buying an additional 4,347 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 is a biotechnology company focused on developing novel treatments for neurological and psychiatric disorders. The company’s research is centered on serotonergic compounds designed to provide therapeutic benefits associated with psychedelic medicines while potentially reducing unwanted effects such as hallucinations and cardiovascular or behavioral complications.

Bright Minds’ pipeline includes BMB-101, a selective serotonin 5-HT2C receptor agonist being developed for conditions including substance use disorders.