Bright Minds Biosciences Inc. (NASDAQ:DRUG) Short Interest Up 67.5% in January

Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw a significant growth in short interest in January. As of January 15th, there was short interest totaling 564,277 shares, a growth of 67.5% from the December 31st total of 336,924 shares. Approximately 10.1% of the company’s stock are short sold. Based on an average daily volume of 362,208 shares, the short-interest ratio is currently 1.6 days. Based on an average daily volume of 362,208 shares, the short-interest ratio is currently 1.6 days. Approximately 10.1% of the company’s stock are short sold.

Analyst Ratings Changes

Several research firms recently weighed in on DRUG. BTIG Research upped their price target on Bright Minds Biosciences from $72.00 to $147.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Robert W. Baird set a $142.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, January 7th. Chardan Capital reaffirmed a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $115.00 price objective on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $121.00.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ DRUG traded down $4.73 during trading hours on Friday, hitting $77.75. The stock had a trading volume of 197,018 shares, compared to its average volume of 240,786. The firm’s 50-day moving average price is $81.91 and its two-hundred day moving average price is $59.82. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $123.75. The company has a market capitalization of $756.51 million, a P/E ratio of -63.73 and a beta of -6.15.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in Bright Minds Biosciences by 142.3% in the third quarter. JPMorgan Chase & Co. now owns 5,265 shares of the company’s stock worth $319,000 after purchasing an additional 3,092 shares in the last quarter. Vivo Capital LLC lifted its position in shares of Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after buying an additional 250,045 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth about $393,000. Bank of America Corp DE increased its holdings in shares of Bright Minds Biosciences by 48.6% during the 3rd quarter. Bank of America Corp DE now owns 7,037 shares of the company’s stock valued at $427,000 after acquiring an additional 2,303 shares during the last quarter. Finally, Boothbay Fund Management LLC raised its stake in shares of Bright Minds Biosciences by 46.7% in the 3rd quarter. Boothbay Fund Management LLC now owns 28,119 shares of the company’s stock valued at $1,706,000 after acquiring an additional 8,955 shares in the last quarter. Institutional investors own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.