Market cap of Bright Minds Biosciences Inc. [DRUG] reaches 43.60M – now what?

Bright Minds Biosciences Inc. [NASDAQ: DRUG] loss -11.76% or -0.34 points to close at $2.55 with a heavy trading volume of 105601071 shares. The company report on August 23, 2022 that Bright Minds Announces Pricing of 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 the pricing of its previously announced overnight marketed offering of an aggregate of 2,858,000 units of the Company (the “Units”) at a price of $1.40 per Unit, for aggregate gross proceeds of $4,001,200 (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $1.76 for a period of 24 months from the closing date. Eight Capital is acting as lead agent in connection with the Offering (the “Agent”). H.C. Wainwright & Co. is acting as US Capital Markets advisor to the Company (the “Advisor”). The closing of the Offering will be subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including any required approval of the Canadian Securities Exchange or NASDAQ and entry into an agency agreement between the Agent and the Company.

It opened the trading session at $3.68, the shares rose to $4.16 and dropped to $2.31, the range by which the price of stock traded the whole day. The daily chart for DRUG points out that the company has recorded 12.83% gains over the past six months. However, it is still -240.0% lower than its most recent low trading price.

If we look at the average trading volume of 7.73M shares, DRUG reached to a volume of 105601071 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 0.77 The Price to Book ratio for the last quarter was 3.59, with the Price to Cash per share for the same quarter was set at 0.50.

Trading performance analysis for DRUG stock

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 104.00. With this latest performance, DRUG shares gained by 159.78% in over the last four-week period, additionally plugging by 12.83% over the last 6 months – not to mention a drop of -52.24% 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 62.71, with the RSI for the last a single of trading hit 63.00, and the three-weeks RSI is set at 62.21 for Bright Minds Biosciences Inc. [DRUG]. The present Moving Average for the last 50 days of trading for this stock 1.07, while it was recorded at 2.18 for the last single week of trading, and 2.01 for the last 200 days.

Bright Minds Biosciences Inc. [DRUG]: A deeper dive into fundamental analysis

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.

An analysis of insider ownership at Bright Minds Biosciences Inc. [DRUG]

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 $0.27 million in DRUG stocks shares; and JANE STREET GROUP, LLC, currently with $63000.0 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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