Short Interest in Bright Minds Biosciences Inc. (NASDAQ:DRUG) Rises By 67.5%

Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw a large growth in short interest in January. As of January 15th, there was short interest totaling 564,277 shares, a growth of 67.5% from the December 31st total of 336,924 shares. Based on an average daily trading volume, of 362,208 shares, the days-to-cover ratio is currently 1.6 days. Currently, 10.1% of the shares of the stock are short sold. Currently, 10.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 362,208 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on DRUG shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Chardan Capital reiterated a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. HC Wainwright restated a “buy” rating and issued a $115.00 price objective on shares of Bright Minds Biosciences in a report on Tuesday, December 30th. Finally, Robert W. Baird set a $142.00 target price on Bright Minds Biosciences in a research note on Wednesday, January 7th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $121.00.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG traded down $4.73 on Friday, reaching $77.75. 197,018 shares of the company traded hands, compared to its average volume of 240,786. The stock has a market capitalization of $756.51 million, a PE ratio of -63.73 and a beta of -6.15. The company’s 50 day moving average is $81.91 and its 200-day moving average is $59.82. Bright Minds Biosciences has a fifty-two week low of $23.17 and a fifty-two week high of $123.75.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently bought and sold shares of the stock. Police & Firemen s Retirement System of New Jersey purchased a new stake in Bright Minds Biosciences during the second quarter valued at about $28,000. JPMorgan Chase & Co. raised its holdings in shares of Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Bright Minds Biosciences in the 3rd quarter valued at approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at approximately $66,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Bright Minds Biosciences in the 3rd quarter worth approximately $73,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

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.