Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) experienced a notable increase of 7.3% during mid-day trading on Tuesday. The stock reached an intraday high of $92.16 before closing at $91.91. This rise comes despite a decrease in trading volume, with 54,860 shares exchanged, reflecting a 29% decline from the average session volume of 77,674 shares. The previous closing price was $85.67.
Analyst Ratings Impact Stock Performance
The recent uptick in Bright Minds Biosciences’ stock price is influenced by several analyst ratings. On September 15, HC Wainwright reaffirmed a “buy” rating, setting a price target of $85.00. Conversely, Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating in a report dated December 2. Additionally, Chardan Capital upgraded its rating to “strong-buy” on November 19, while BTIG Research initiated coverage with a “buy” rating and a target price of $72.00 on September 8. Cantor Fitzgerald also maintained an “overweight” rating as of December 1.
Overall, one investment analyst has given a strong buy rating, six have issued buy ratings, and one has rated the stock as a hold. According to data from MarketBeat.com, the average rating stands at “buy” with an average price target of $82.50.
Institutional Investments Show Confidence
Institutional interest in Bright Minds Biosciences has been significant, with various hedge funds making adjustments to their holdings. Russell Investments Group Ltd. acquired a new position in the third quarter, investing approximately $58,000. The Police & Firemen’s Retirement System of New Jersey also entered the market with a new position valued at $28,000.
In the same period, Gordian Capital Singapore Pte Ltd. acquired shares worth $73,000. Notably, JPMorgan Chase & Co. raised its stake by an impressive 624.3% during the second quarter, owning 2,173 shares valued at $57,000 after adding 1,873 shares. Additionally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings by acquiring a stake worth approximately $66,000. Presently, institutional investors hold 40.52% of the stock.
Bright Minds Biosciences specializes in developing therapeutics aimed at improving the lives of patients with severe and life-altering diseases. The company’s portfolio includes selective 5-HT receptor agonists, targeting conditions such as epilepsy, pain, and neuropsychiatry, alongside BMB-101, which has completed phase 1 trials for an undisclosed seizure disorder.
As interest in the biotechnology sector continues to rise, investors and analysts alike will be closely monitoring Bright Minds Biosciences for future developments and performance indicators.
