Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) experienced a notable increase of 7.3% during mid-day trading on Tuesday, reaching a high of $92.16 before settling at $91.9090. Despite this surge, trading volume was down by 29% from the average daily volume of 77,674 shares, with only 54,860 shares exchanged. The stock had closed at $85.67 in the previous session.
Analysts have shown mixed sentiments regarding Bright Minds Biosciences, with several research reports influencing investor confidence. On September 15, HC Wainwright reiterated a “buy” rating for the company’s shares, setting a target price of $85.00. Meanwhile, Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on December 2. In contrast, Chardan Capital upgraded the shares to a “strong-buy” on November 19, highlighting the stock’s potential for growth.
In addition, BTIG Research initiated coverage on Bright Minds Biosciences with a “buy” rating and a target price of $72.00 on September 8. Cantor Fitzgerald reaffirmed an “overweight” rating on December 1. Currently, one investment analyst rates the stock as a strong buy, six as a buy, and one as a hold, leading to an average rating of “buy” with a price target of $82.50, according to data from MarketBeat.com.
Institutional Trading Activity
A number of hedge funds have recently adjusted their positions in Bright Minds Biosciences. Russell Investments Group Ltd. acquired a new stake valued at approximately $58,000 during the third quarter. The Police & Firemen’s Retirement System of New Jersey also added a new position worth $28,000 in the second quarter. In the same period, Gordian Capital Singapore Pte Ltd. invested $73,000 in the company.
Moreover, JPMorgan Chase & Co. significantly increased its holdings in Bright Minds Biosciences by 624.3% during the second quarter. Following their investment, the firm now owns 2,173 shares valued at $57,000. Additionally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake during the same quarter worth about $66,000. Currently, institutional investors and hedge funds hold approximately 40.52% of the stock.
Company Overview and Research Developments
Bright Minds Biosciences Inc. is a biotechnology firm focused on developing therapeutics aimed at enhancing the quality of life for patients suffering from severe and life-altering diseases in the United States. Its portfolio includes selective 5-HT receptor agonists, which target various conditions such as epilepsy, pain, and neuropsychiatry. Notably, BMB-101 is currently completing its phase 1 trial for an undisclosed seizure disorder.
As the company continues to attract attention from analysts and institutional investors alike, its recent stock performance and ongoing research developments suggest a potential for continued interest in the market. Investors and analysts will be closely monitoring future evaluations and developments as Bright Minds Biosciences progresses in its therapeutic endeavors.
