Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Up 7.9% – Here’s What Happened

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was up 7.9% during mid-day 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.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on DRUG shares. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 target price on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a report on Friday. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. BTIG Research restated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Five equities research 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 company has an average rating of “Moderate Buy” and an average price target of $117.00.

Bright Minds Biosciences Trading Up 7.7%

The firm has a market cap of $816.61 million, a price-to-earnings ratio of -43.48 and a beta of -6.18. The stock’s 50 day moving average is $83.22 and its 200 day moving average is $63.87.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data 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, equities research analysts predict that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. Braidwell LP increased its holdings in Bright Minds Biosciences by 6.8% in the 4th quarter. Braidwell LP now owns 324,358 shares of the company’s stock valued at $25,313,000 after buying an additional 20,673 shares during the period. MPM Bioimpact LLC bought a new position in Bright Minds Biosciences in the fourth quarter valued at approximately $17,961,000. Price T Rowe Associates Inc. MD acquired a new position in Bright Minds Biosciences during the fourth quarter valued at approximately $221,000. Royal Bank of Canada lifted its stake in Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the last quarter. Finally, Eventide Asset Management LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at $8,039,000. Institutional investors own 40.52% of the company’s stock.

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.