Bright Minds Biosciences (NASDAQ:DRUG) Trading 7.4% Higher - What's Next?

Key Points

• Shares rose ~7.4% to $76.72 on Monday, trading as high as $76.65 on unusually light volume (40,858 shares, about 76% below the average session volume).
• Analyst sentiment is broadly positive with five Buy ratings and one Hold, an average price target of $124.50 and individual targets ranging up to $147 (HC Wainwright and BTIG among the higher raises).
• Bright Minds is a clinical-stage biotech developing oral, psychedelic-inspired small molecules for mental health and neurodegenerative disorders—its lead candidate is BMB-101; market cap is about $732M and the company remains unprofitable (negative EPS, consensus -1.24 for the year).

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) shares traded up 7.4% during trading on Monday . The stock traded as high as $76.65 and last traded at $76.72. 40,858 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 168,667 shares. The stock had previously closed at $71.46.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DRUG. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a research report on Friday, February 13th. HC Wainwright boosted their target price on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a "buy" rating in a research note on Wednesday, March 4th. BTIG Research restated a "buy" rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. Chardan Capital reiterated a "buy" rating and set a $80.00 price target on shares of Bright Minds Biosciences in a report on Friday, January 2nd. Finally, Wall Street Zen raised Bright Minds Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, March 21st. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Bright Minds Biosciences presently has an average rating of "Moderate Buy" and an average target price of $124.50.

Bright Minds Biosciences Trading Up 5.2%

The firm has a market capitalization of $731.59 million, a PE ratio of -39.19 and a beta of -5.34. The firm's fifty day moving average price is $77.61 and its 200 day moving average price is $72.38.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.98) by $0.28. As a group, research analysts expect that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds have recently bought and sold shares of the business. Braidwell LP bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth about $18,422,000. Vivo Capital LLC boosted its position in Bright Minds Biosciences by 99.4% during the third quarter. Vivo Capital LLC now owns 501,617 shares of the company's stock worth $30,428,000 after purchasing an additional 250,045 shares during the period. MPM Bioimpact LLC bought a new stake in Bright Minds Biosciences during the fourth quarter worth approximately $17,961,000. Balyasny Asset Management L.P. acquired a new position in Bright Minds Biosciences during the third quarter valued at approximately $11,339,000. Finally, Millennium Management LLC raised its position in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company's stock valued at $6,946,000 after purchasing an additional 152,178 shares during the period. 40.52% of the stock is 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.

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