Bright Minds Biosciences (NASDAQ:DRUG) Hits New 1-Year High on Analyst Upgrade

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) hit a new 52-week high during trading on Tuesday after BTIG Research raised their price target on the stock from $72.00 to $147.00. BTIG Research currently has a buy rating on the stock. Bright Minds Biosciences traded as high as $123.75 and last traded at $101.0580, with a volume of 390772 shares trading hands. The stock had previously closed at $80.01.

Other equities research analysts have also recently issued reports about the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Chardan Capital reiterated a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a report on Friday, January 2nd. Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, December 27th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $115.00 price target on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $115.40.

Hedge Funds Weigh In On Bright Minds Biosciences

Several large investors have recently bought and sold shares of DRUG. Russell Investments Group Ltd. bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth $58,000. Police & Firemen s Retirement System of New Jersey bought a new position in Bright Minds Biosciences in the 2nd quarter worth $28,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Bright Minds Biosciences in the 3rd quarter worth approximately $73,000. JPMorgan Chase & Co. increased its stake 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 purchasing an additional 1,873 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bright Minds Biosciences during the second quarter valued at $66,000. 40.52% of the stock is currently owned by institutional investors.

Bright Minds Biosciences Trading Down 4.9%

The company has a market capitalization of $710.79 million, a PE ratio of -75.54 and a beta of -6.15. The business’s fifty day moving average is $71.81 and its two-hundred day moving average is $52.92.

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.