Bright Minds Biosciences (NASDAQ:DRUG) Shares Up 5.9% - Should You Buy?

Key Points

• Bright Minds Biosciences shares rose 5.9% to $84.18, while trading volume fell 56% below the average.
• Analysts remain broadly bullish, with an average “Buy” rating and a consensus price target of $143.83; individual targets range from $145 to $220.
• The clinical-stage biotech reported quarterly EPS of a $0.17 loss, beating estimates by $1.06, but analysts still expect a full-year loss of $4.86 per share. Institutional investors own 40.52% of the stock.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report)'s stock price traded up 5.9% during trading on Tuesday . The stock traded as high as $83.74 and last traded at $84.18. 101,235 shares were traded during trading, a decline of 56% from the average daily volume of 229,750 shares. The stock had previously closed at $79.48.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DRUG shares. HC Wainwright reaffirmed a "buy" rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research note on Monday, June 1st. BTIG Research restated a "buy" rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday. Piper Sandler reaffirmed an "overweight" rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Zacks Research upgraded Bright Minds Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen raised Bright Minds Biosciences from a "strong sell" rating to a "sell" rating in a report on Saturday, July 4th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $143.83.

Bright Minds Biosciences Price Performance

The company has a market cap of $815.01 million, a P/E ratio of -40.35 and a beta of -5.27. The company's 50-day moving average is $70.98 and its two-hundred day moving average is $77.06.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.23) by $1.06. Equities research analysts anticipate that Bright Minds Biosciences Inc. will post -4.86 EPS for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its holdings in Bright Minds Biosciences by 240.0% in 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 in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Bright Minds Biosciences by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company's stock worth $973,000 after acquiring an additional 861 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Bright Minds Biosciences in the third quarter worth approximately $58,000. Strs Ohio raised its holdings in shares of Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company's stock valued at $197,000 after purchasing an additional 1,800 shares during the last quarter. Finally, 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 purchasing an additional 1,873 shares during the last quarter. 40.52% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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