Bright Minds Biosciences (NASDAQ:DRUG) Reaches New 1-Year High - Here's Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $79.30 and last traded at $77.7170, with a volume of 138427 shares changing hands. The stock had previously closed at $72.50.Analysts Set New Price TargetsBiotechs on the Brink: 2 Stocks With Huge PotentialSeveral research analysts have recently issued reports on DRUG shares. HC Wainwright reaffirmed a "buy" rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research note on Monday, September 15th. Wall Street Zen cut Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research report on Friday, October 3rd. Chardan Capital raised Bright Minds Biosciences to a "strong-buy" rating in a research note on Wednesday, November 19th. BTIG Research assumed coverage on Bright Minds Biosciences in a report on Monday, September 8th. They set a "buy" rating and a $72.00 target price for the company. Finally, Zacks Research cut shares of Bright Minds Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $82.50.Check Out Our Latest Report on Bright Minds BiosciencesBright Minds Biosciences Price PerformanceBright Minds Biosciences Stock Surges Almost 1,500%The company has a market cap of $626.77 million, a price-to-earnings ratio of -86.56 and a beta of -6.22. The business has a 50 day simple moving average of $60.45 and a 200 day simple moving average of $43.53. Institutional Trading of Bright Minds BiosciencesSeveral large investors have recently made changes to their positions in DRUG. Sio Capital Management LLC boosted its stake in Bright Minds Biosciences by 0.9% in the 2nd quarter. Sio Capital Management LLC now owns 512,338 shares of the company's stock worth $13,377,000 after purchasing an additional 4,776 shares in the last quarter. Vivo Capital LLC increased its stake in shares of Bright Minds Biosciences by 99.4% in the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company's stock worth $30,428,000 after purchasing an additional 250,045 shares in the last quarter. Braidwell LP bought a new position in Bright Minds Biosciences in the 3rd quarter worth $18,422,000. Adage Capital Partners GP L.L.C. lifted its stake in Bright Minds Biosciences by 50.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company's stock worth $7,214,000 after purchasing an additional 67,500 shares in the last quarter. Finally, Millennium Management LLC increased its position in Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company's stock worth $6,946,000 after purchasing an additional 152,178 shares during the last quarter. Institutional investors and hedge funds own 40.52% of the company's stock. Bright Minds Biosciences Company Profile (Get Free Report)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.Read MoreFive stocks we like better than Bright Minds BiosciencesConference Calls and Individual InvestorsMeta’s AI Moment? New SAM 3 Model Has Wall Street Turning BullishAre Penny Stocks a Good Fit for Your Portfolio?Snowflake Stock: The Dip That Smart Investors Are Buying Right NowHow to Short Nasdaq: An Easy-to-Follow GuideKraken Robotics Stock Exploded 1,000%—Now Wall Street Is Paying AttentionThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Bright Minds Biosciences Right Now?Before you consider Bright Minds Biosciences, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bright Minds Biosciences wasn't on the list.While Bright Minds Biosciences currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here