Bright Minds Biosciences Inc. (NASDAQ:DRUG) Short Interest Update

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was the recipient of a large drop in short interest in February. As of February 28th, there was short interest totalling 107,700 shares, a drop of 14.8% from the February 13th total of 126,400 shares. Currently, 2.2% of the company’s stock are sold short. Based on an average daily volume of 79,700 shares, the days-to-cover ratio is currently 1.4 days.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Piper Sandler began coverage on Bright Minds Biosciences in a research report on Thursday, January 23rd. They issued an “overweight” rating and a $93.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $85.00 price target on shares of Bright Minds Biosciences in a report on Wednesday, February 19th. Cantor Fitzgerald began coverage on Bright Minds Biosciences in a report on Friday, January 10th. They issued an “overweight” rating on the stock. Robert W. Baird began coverage on Bright Minds Biosciences in a report on Monday, November 25th. They issued an “outperform” rating and a $75.00 price target on the stock. Finally, Baird R W raised Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, November 25th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $84.33.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC bought a new stake in shares of Bright Minds Biosciences in the 4th quarter worth $18,392,000. RA Capital Management L.P. purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at $16,599,000. Vivo Capital LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at $9,062,000. Point72 Asset Management L.P. purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at $4,870,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at $4,773,000. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Down 1.2 %

Bright Minds Biosciences stock traded down $0.43 during mid-day trading on Wednesday, hitting $35.24. 16,852 shares of the company’s stock traded hands, compared to its average volume of 819,574. The firm has a 50 day moving average price of $36.66 and a 200 day moving average price of $30.89. The company has a market cap of $248.23 million, a PE ratio of -207.28 and a beta of -6.45. Bright Minds Biosciences has a one year low of $0.93 and a one year high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.24. On average, analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

About Bright Minds Biosciences

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.