Bright Minds Biosciences (NASDAQ:DRUG) Shares Gap Up – Here’s What Happened

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s share price gapped up prior to trading on Friday . The stock had previously closed at $80.30, but opened at $85.11. Bright Minds Biosciences shares last traded at $83.6740, with a volume of 3,672 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on DRUG shares. HC Wainwright restated a “buy” rating and set a $115.00 target price on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. Zacks Research lowered shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research report on Friday, February 13th. Finally, Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Trading Down 0.7%

The firm’s fifty day moving average price is $83.24 and its 200-day moving average price is $65.04. The company has a market cap of $831.72 million, a price-to-earnings ratio of -44.29 and a beta of -6.18.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.98) by $0.28. As a group, research analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Several institutional investors and hedge funds have recently modified their holdings of DRUG. Royal Bank of Canada raised its holdings in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after buying an additional 372 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Bright Minds Biosciences during the third quarter worth $58,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Bright Minds Biosciences during the second quarter worth $28,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Bright Minds Biosciences during the third quarter worth $73,000. Finally, JPMorgan Chase & Co. lifted its position in Bright Minds Biosciences by 624.3% in the 2nd 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 in the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

About Bright Minds Biosciences

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.