Bright Minds Biosciences Inc. [DRUG] is -31.86% lower this YTD. Is it still time to buy?

Bright Minds Biosciences Inc. [NASDAQ: DRUG] closed the trading session at $2.16 on 08/22/22. The day’s price range saw the stock hit a low of $1.16, while the highest price level was $3.45. The company report on August 22, 2022 that Bright Minds Announces Overnight Marketed Offering of Units.

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Bright Minds Biosciences Inc. (“Bright Minds” or the “Company”) (Nasdaq: DRUG) (CSE: DRUG), a biotechnology company focused on developing novel drugs for targeted treatment of neuropsychiatric disorders, epilepsy and pain, is pleased to announce that is has entered into a letter of engagement with Eight Capital, under which Eight Capital has been appointed as agent in connection with the offer for sale units of the Company (the “Units”) on a best efforts overnight marketed basis (the “Offering”).

The stocks have a year to date performance of -31.86 percent and weekly performance of 116.58 percent. The stock has been moved at -5.26 percent over the last six months. The stock has performed 120.41 percent around the most recent 30 days and changed 141.34 percent over the most recent 3-months.

If compared to the average trading volume of 2.08M shares, DRUG reached to a volume of 82533601 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Bright Minds Biosciences Inc. [DRUG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for DRUG shares is $1.01 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on DRUG stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

The Average True Range (ATR) for Bright Minds Biosciences Inc. is set at 0.58 The Price to Book ratio for the last quarter was 3.04, with the Price to Cash per share for the same quarter was set at 0.31.

DRUG stock trade performance evaluation

Bright Minds Biosciences Inc. [DRUG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 116.58. With this latest performance, DRUG shares gained by 120.41% in over the last four-week period, additionally sinking by -5.26% over the last 6 months – not to mention a drop of -58.90% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for DRUG stock in for the last two-week period is set at 67.14, with the RSI for the last a single of trading hit 68.12, and the three-weeks RSI is set at 65.87 for Bright Minds Biosciences Inc. [DRUG]. The present Moving Average for the last 50 days of trading for this stock 0.9700, while it was recorded at 1.5100 for the last single week of trading, and 2.1300 for the last 200 days.

Bright Minds Biosciences Inc. [DRUG]: An insightful look at the core fundamentals

Return on Equity for this stock declined to -85.80, with Return on Assets sitting at -82.56.

Bright Minds Biosciences Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 22.90 and a Current Ratio set at 22.90.

Bright Minds Biosciences Inc. [DRUG]: Insider Ownership positions

There are presently around $1 million, or 8.73% of DRUG stock, in the hands of institutional investors. The top three institutional holders of DRUG stocks are: ADVISORSHARES INVESTMENTS LLC with ownership of 289,576, which is approximately 40.084% of the company’s market cap and around 46.91% of the total institutional ownership; IKARIAN CAPITAL, LLC, holding 105,958 shares of the stock with an approximate value of $0.23 million in DRUG stocks shares; and JANE STREET GROUP, LLC, currently with $53000.0 in DRUG stock with ownership of nearly -0.004% of the company’s market capitalization.

Positions in Bright Minds Biosciences Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 3 institutional holders increased their position in Bright Minds Biosciences Inc. [NASDAQ:DRUG] by around 88,026 shares. Additionally, 2 investors decreased positions by around 14,562 shares, while 6 investors held positions by with 385,131 shares. The mentioned changes placed institutional holdings at 487,719 shares, according to the latest SEC report filing. DRUG stock had 0 new institutional investments in for a total of 0 shares, while 1 institutional investors sold positions of 14,561 shares during the same period.


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