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Bright Minds Biosciences Inc. (NASDAQ: DRUG): A Competitive Analysis And Growth Prospects

In the last trading session, 2.36 million shares of the Bright Minds Biosciences Inc. (NASDAQ:DRUG) were traded. Most recently the company’s share price was $0.62, and it changed around $0.11 or 20.62% from the last close, which brings the market valuation of the company to $17.19M. DRUG currently trades at a discount to its 52-week high of $4.75, offering almost -666.13% off that amount. The share price’s 52-week low was $0.40, which indicates that the current value has risen by an impressive 35.48% since then. We note from Bright Minds Biosciences Inc.’s average daily trading volume that its 10-day average is 0.26 million shares, with the 3-month average coming to 684.97K.

Bright Minds Biosciences Inc. stock received a consensus recommendation rating of a Buy, based on a mean score of 3.00. If we narrow it down even further, the data shows that 0 out of 1 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 0 recommended DRUG as a Hold, whereas 1 deemed it a Buy, and 0 rated it as Underweight. Bright Minds Biosciences Inc. is expected to report earnings per share of $0 for the current quarter.

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Bright Minds Biosciences Inc. (NASDAQ:DRUG) trade information

Instantly DRUG has showed a green trend with a performance of 20.62% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 0.7400 on Tuesday, 05/23/23 increased the stock’s daily price by 16.22%. The company’s shares are currently down -16.22% year-to-date, but still up 9.91% over the last five days. On the other hand, Bright Minds Biosciences Inc. (NASDAQ:DRUG) is 9.52% up in the 30-day period. We can see from the shorts that 0.68 million shares have been sold at a short interest cover period of 0.39 day(s).

The consensus price target as assigned by Wall Street analysts is $9.09, which translates to bulls needing to increase their stock price by 93.18% from its current value. Analyst projections state that DRUG is forecast to be at a low of $9.09 and a high of $9.09. In order for the stock price to hit the forecast high, the stock would need to plunge -1366.13% from its current level, while the stock would need to crash -1366.13% from its current level to reach the projected low.

Bright Minds Biosciences Inc. (DRUG) estimates and forecasts

DRUG Dividends

Bright Minds Biosciences Inc.’s next quarterly earnings report is expected to be released in June.

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 23.85% of Bright Minds Biosciences Inc. shares, and 2.21% of them are in the hands of institutional investors. The stock currently has a share float of 2.90%. Bright Minds Biosciences Inc. stock is held by 10 institutions, with AdvisorShares Investments, LLC being the largest institutional investor. By Mar 30, 2023, it held 2.40% of the shares, which is about 0.45 million shares worth $0.2 million.

Simplicity Solutions, LLC, with 0.25% or 46204.0 shares worth $20334.0 as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

The former held 0.45 million shares worth $0.2 million, making up 2.40% of all outstanding shares.

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