Bright Minds Biosciences (NASDAQ:DRUG) Reaches New 1-Year High – Time to Buy?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $70.30 and last traded at $70.7890, with a volume of 24571 shares. The stock had previously closed at $66.16.

Analyst Upgrades and Downgrades

DRUG has been the subject of a number of recent research reports. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $85.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, September 15th. Zacks Research raised shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. BTIG Research assumed coverage on Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 price target for the company. Finally, Chardan Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a research report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $82.50.

Bright Minds Biosciences Stock Up 5.7%

The firm has a market capitalization of $544.91 million, a PE ratio of -75.22 and a beta of -6.27. The company’s 50-day simple moving average is $58.43 and its 200 day simple moving average is $42.16.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors have recently made changes to their positions in the business. OMERS ADMINISTRATION Corp purchased a new stake in Bright Minds Biosciences in the first quarter valued at about $505,000. Adage Capital Partners GP L.L.C. increased its stake in 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 valued at $7,214,000 after purchasing an additional 67,500 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of Bright Minds Biosciences during the first quarter worth $802,000. Finally, AdvisorShares Investments LLC lifted its stake in shares of Bright Minds Biosciences by 28.4% during the second quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock worth $378,000 after buying an additional 3,200 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, 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.