Bright Minds Biosciences Inc. (NASDAQ:DRUG) Short Interest Down 14.8% in February

Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw a large drop in short interest in the month of 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. Approximately 2.2% of the shares of the stock are sold short. Based on an average trading volume of 79,700 shares, the short-interest ratio is currently 1.4 days.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on DRUG shares. Robert W. Baird started coverage on shares of Bright Minds Biosciences in a research report on Monday, November 25th. They set an “outperform” rating and a $75.00 price target for the company. Baird R W upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th. 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. Piper Sandler started coverage on shares of Bright Minds Biosciences in a research report on Thursday, January 23rd. They set an “overweight” rating and a $93.00 price target for the company. Finally, Cantor Fitzgerald initiated coverage on shares of Bright Minds Biosciences in a research report 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $84.33.

Institutional Inflows and Outflows

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

Bright Minds Biosciences Stock Performance

Shares of DRUG opened at $35.00 on Thursday. The stock has a fifty day moving average of $36.54 and a two-hundred day moving average of $30.92. The company has a market capitalization of $246.54 million, a PE ratio of -205.87 and a beta of -6.45. Bright Minds Biosciences has a fifty-two week low of $0.93 and a fifty-two week high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.24. As a group, equities research analysts forecast 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.