Short Interest in Bright Minds Biosciences Inc. (NASDAQ:DRUG) Drops By 14.8%

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was the target of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 107,700 shares, a decrease of 14.8% from the February 13th total of 126,400 shares. Approximately 2.2% of the company’s shares are sold short. Based on an average daily volume of 79,700 shares, the short-interest ratio is presently 1.4 days.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on DRUG shares. Baird R W raised Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th. HC Wainwright reiterated a “buy” rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Robert W. Baird started coverage on Bright Minds Biosciences in a research note on Monday, November 25th. They set an “outperform” rating and a $75.00 price target for the company. Piper Sandler assumed coverage on Bright Minds Biosciences in a research note on Thursday, January 23rd. They set an “overweight” rating and a $93.00 target price for the company. Finally, Cantor Fitzgerald assumed coverage on Bright Minds Biosciences in a research report on Friday, January 10th. They issued an “overweight” rating for the company. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bright Minds Biosciences has an average rating of “Buy” and an average price target of $84.33.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $173,000. Jane Street Group LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $238,000. Atika Capital Management LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $540,000. Millennium Management LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $1,454,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $1,606,000. 40.52% of the stock is currently owned by institutional investors.

Bright Minds Biosciences Price Performance

Shares of DRUG traded down $0.43 during mid-day trading on Wednesday, reaching $35.24. The company had a trading volume of 16,852 shares, compared to its average volume of 819,574. Bright Minds Biosciences has a twelve month low of $0.93 and a twelve month high of $79.02. The company’s 50-day moving average is $36.66 and its 200-day moving average is $30.89. The company has a market capitalization of $248.23 million, a P/E ratio of -207.28 and a beta of -6.45.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.24. As a group, equities analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

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.