Bright Minds Biosciences (NASDAQ:DRUG) Sets New 52-Week High – Should You Buy?

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $97.75 and last traded at $93.99, with a volume of 350982 shares. The stock had previously closed at $85.67.

Analyst Upgrades and Downgrades

Several research firms have commented on DRUG. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. HC Wainwright restated a “buy” rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research note on Monday, September 15th. BTIG Research initiated coverage on Bright Minds Biosciences in a report on Monday, September 8th. They set a “buy” rating and a $72.00 target price on the stock. Chardan Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a research report on Wednesday, November 19th. Finally, Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $82.50.

Bright Minds Biosciences Trading Down 10.4%

The company has a market cap of $614.48 million, a price-to-earnings ratio of -84.82 and a beta of -6.22. The business has a fifty day moving average of $66.19 and a two-hundred day moving average of $47.36.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in Bright Minds Biosciences in the 2nd quarter worth $28,000. JPMorgan Chase & Co. grew its position in shares of Bright Minds Biosciences by 624.3% in 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 during the period. Russell Investments Group Ltd. purchased a new stake in shares of Bright Minds Biosciences during the third quarter worth about $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bright Minds Biosciences during the 2nd quarter worth about $66,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Bright Minds Biosciences in the 3rd quarter valued at about $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, 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.