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

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) saw a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 107,700 shares, a decrease of 14.8% from the February 13th total of 126,400 shares. Based on an average daily volume of 79,700 shares, the short-interest ratio is presently 1.4 days. Approximately 2.2% of the company's shares are short sold.

Analyst Ratings Changes

Several brokerages have issued reports on DRUG. Baird R W raised shares of Bright Minds Biosciences to a "strong-buy" rating in a research note on Monday, November 25th. Robert W. Baird assumed coverage on Bright Minds Biosciences in a report on Monday, November 25th. They set an "outperform" rating and a $75.00 price objective for the company. HC Wainwright reaffirmed a "buy" rating and issued a $85.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Piper Sandler assumed coverage on shares of Bright Minds Biosciences in a research report on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 price objective for the company. Finally, Cantor Fitzgerald started coverage on shares of Bright Minds Biosciences in a research note on Friday, January 10th. They set an "overweight" rating for the company. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Bright Minds Biosciences presently has a consensus rating of "Buy" and a consensus target price of $84.33.

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Bright Minds Biosciences Price Performance

NASDAQ DRUG traded up $0.27 during trading on Friday, reaching $35.15. 32,611 shares of the company's stock traded hands, compared to its average volume of 826,034. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02. The firm has a market cap of $247.60 million, a price-to-earnings ratio of -206.75 and a beta of -6.45. The company's 50 day simple moving average is $36.34 and its two-hundred day simple moving average is $31.39.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.24. Research analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

Several hedge funds have recently modified their holdings of DRUG. Bank of America Corp DE purchased a new position in Bright Minds Biosciences in the fourth quarter worth $173,000. Jane Street Group LLC acquired a new position in Bright Minds Biosciences during the 4th quarter valued at about $238,000. Atika Capital Management LLC acquired a new position in Bright Minds Biosciences during the 4th quarter valued at about $540,000. Millennium Management LLC acquired a new stake in Bright Minds Biosciences in the fourth quarter worth about $1,454,000. Finally, Boothbay Fund Management LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter worth about $1,606,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

Bright Minds Biosciences Company Profile

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.