Bright Minds Biosciences (NASDAQ:DRUG) Trading 7.2% Higher – Should You Buy?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares were up 7.2% during trading on Wednesday . The company traded as high as $66.90 and last traded at $69.2650. 186,540 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 232,675 shares. The stock had previously closed at $64.64.

Analyst Upgrades and Downgrades

DRUG has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, June 1st. BTIG Research reiterated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Jefferies Financial Group initiated coverage on Bright Minds Biosciences in a research note on Monday, April 13th. They set a “buy” rating and a $145.00 price target on the stock. Piper Sandler restated an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Finally, Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Stock Down 0.0%

The stock has a 50 day moving average of $74.18 and a 200 day moving average of $78.88. The company has a market capitalization of $760.83 million, a price-to-earnings ratio of -31.59 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. As a group, sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -4.9 EPS for the current fiscal year.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the completion of the sale, the insider directly owned 950,000 shares in the company, valued at $85,025,000. This represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 42.66% of the company’s stock.

Hedge Funds Weigh In On Bright Minds Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of DRUG. Braidwell LP bought a new stake in Bright Minds Biosciences in the third quarter worth approximately $18,422,000. Eventide Asset Management LLC acquired a new position in Bright Minds Biosciences in the fourth quarter valued at approximately $8,039,000. Artia Global Partners LP bought a new position in shares of Bright Minds Biosciences during the 4th quarter worth approximately $2,607,000. Seven Grand Managers LLC bought a new position in shares of Bright Minds Biosciences during the 4th quarter worth approximately $3,902,000. Finally, JPMorgan Chase & Co. grew its position in shares of Bright Minds Biosciences by 142.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,265 shares of the company’s stock worth $319,000 after buying an additional 3,092 shares during the period. Institutional investors and hedge funds 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.