Bright Minds Biosciences Inc. (NASDAQ:DRUG) Sees Significant Decrease in Short Interest

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was the target of a significant decrease in short interest in 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. Currently, 2.2% of the shares of the company are sold short. Based on an average daily volume of 79,700 shares, the short-interest ratio is currently 1.4 days.

Institutional Trading of Bright Minds Biosciences

Large investors have recently made changes to their positions in the company. Janus Henderson Group PLC purchased a new position in shares of Bright Minds Biosciences during the 4th quarter worth approximately $18,392,000. RA Capital Management L.P. purchased a new position in Bright Minds Biosciences in the 4th quarter valued at approximately $16,599,000. Vivo Capital LLC purchased a new position in Bright Minds Biosciences in the 4th quarter valued at approximately $9,062,000. Point72 Asset Management L.P. purchased a new position in Bright Minds Biosciences in the 4th quarter valued at approximately $4,870,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Bright Minds Biosciences in the 4th quarter valued at approximately $4,773,000. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Trading Down 0.3 %

NASDAQ:DRUG opened at $34.88 on Friday. The firm has a market cap of $245.69 million, a PE ratio of -205.16 and a beta of -6.45. The stock has a fifty day moving average price of $36.42 and a 200 day moving average price of $30.95. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02.

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

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Cantor Fitzgerald assumed coverage on Bright Minds Biosciences in a report on Friday, January 10th. They set an “overweight” rating on the stock. Piper Sandler assumed coverage on Bright Minds Biosciences in a report on Thursday, January 23rd. They set an “overweight” rating and a $93.00 target price on the stock. 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 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. Finally, Baird R W upgraded Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bright Minds Biosciences currently has a consensus rating of “Buy” and a consensus target price of $84.33.

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.