Bright Minds Biosciences Inc (DRUG)

[Smilin_B]

Looking like a decent start to a run here

[Monksdream]

Early Barchart Top 100
https://www.barchart.com/stocks/performance/percent-change/advances?timeFrame=today&viewName=main&screener=overall&orderBy=percentChange&orderDir=desc
DRUG

[AJ Freely]

$DRUG - Up 30%+ over RS Pre-Market/ Current Price $3.30
Enacts 1:5 Reverse Split
Leaving 3.7M in the OS

[DJS1]

Seems like a good sign to me when you see nice volume before a reverse split and it is going north.

[DJS1]

[DJS1]

The other board is in silent mode this week. They must be accumulating. Then they will start pumping.

[Vipyr]

Interesting. But yea, I changed over pretty much to the big board plays, strong stocks making new 52wk highs with 90+ relative strength. And its been paying off nicely. The last 3 OTC plays(VI*X, SY*X, and now AP*I) have really forced my hand to go back to the big boards, and its working nicely. Had nice runs on TMDX, TPH, CAAP, to name a few.. Its nice to actually be making money again, at least while waiting on APSI.
Seems like the OTC has not been the same since the new rules came into play. Will see what happens

[skichic]

I have bought them thru Etrade. I get a warning, but they have let me do it (I have a pretty large account with them). Maybe they’ve changed it in the past year or two. I don’t plan on ever buying one again. Upgrading my trading to 90% NASDAQ stocks. Pretty sick of the OTC

[Vipyr]

True lol Had to answer your question over here on the Etrade issue
Opening transactions for Caveat Emptor securities are not permitted because of the risks associated with trading shares in these companies. For more information about the risks associated with OTC trading please visit our Disclosure Library

[DJS1]

Very good post!!! Thank you.

[Smilin_B]

And this forum goes back to silent mode.

Just like that

[Smilin_B]

I guess profit taking was in order from most that got in substantially lower. These types of stocks need substantial news in order to not only move them but to sustain the share price without profit taking. The most recent news with their phase one peptide is definitely promising and all I can say is that it's best to just hold on to what you have then to try to sell here at a modest gain or less of a loss than we have seen over the past several months. I'm in this slightly over $1 per share and I really have no intentions of selling it even when it approaches that level. I've seen stocks like this go up 50% - 150% in a matter of days once they cross through that $1 barrier. Let's just see what happens. No rush.

[Smilin_B]

Bright Minds Gets International Go-Ahead

Meanwhile, Bright Minds Biosciences Inc. (NASDAQ:DRUG) had its patent application covering phenethylamine (aka PEA)-class compounds reviewed and approved by the International Searching Authority. This indicates the company’s lead compounds as novel and inventive in a non-binding “written opinion” letter.

See Also: Mood Disorders Could Get An Alternative Treatment With This Next-Gen, Non-Hallucinogenic Psychedelic

These compounds targeting the 5-HT2A and 5-HT2A/5-HT2C receptors are potentially best-in-class, with an optimized short half-life, high potency, and extreme selectivity, the company claims. 

One of the compounds is BMB-202 — the company’s lead 5-HT2A agonist. It has shown a superior potency compared to psilocin in vitro. Moreover, while it has not shown significant activity at other 5-HT receptors, it is fast-acting, holds a short duration (around two hours), and has demonstrated antidepressant properties in vivo.

[Smilin_B]

Reported April 19, Bright Minds Biosciences Receives A Favorable Written Opinion From The International Searching Authority For BMB-202

04/20/23 12:44 AM

-- BMB-202 is a highly selective 5-HT2A agonist that exhibits a more than 30-fold selectivity over 5-HT2C and more than 500-fold selectivity over 5-HT2B --

 

-- BMB-202 is the first clinical candidate from an extensive portfolio of selective 5-HT2A and 5-HT2A/2C agonists inspired from natural compound scaffolds --

VANCOUVER, British Columbia, April 19, 2023 (GLOBE NEWSWIRE) -- Bright Minds Biosciences Inc. (CSE:DRUG) (NASDAQ:DRUG) ("Bright Minds" or the "Company"), a biotechnology company focused on developing novel drugs for the targeted treatment of neuropsychiatric disorders, epilepsy, and pain, today announced that the International Searching Authority reviewed its international patent application directed to phenethylamine compounds and issued a Written Opinion indicating that Bright Minds' core phenethylamine compounds of interest are novel and inventive over the searched prior art.

Bright Minds recently filed an international patent application (assigned a filing number of PCT/CA2023/050003) directed at compounds that belong to the phenethylamine class of molecules, which the Company believes are potentially best in class compounds with an optimized short half-life, highly potent and extreme selectivity relative to other 5-HT2A agonists in development. Compounds from the Company's 5-HT2A and 5-HT2A/5-HT2C programs are contained in this patent application, including its lead 5-HT2A agonist, BMB 202, as well as other backup and compounds of high interest from both programs. While the Written Opinion is non-binding, the Written Opinion is encouraging news and supports the view that Bright Minds has developed patentable phenethylamine compounds.

"We are very pleased with this favorable opinion and believe that it validates our drug discovery capabilities. This is an important first step in protecting our compounds of interest in jurisdictions around the world, as we continue to pursue innovation in the treatment of multiple brain-related disorders," stated Ian McDonald, CEO of Bright Minds.

About BMB 202

BMB-202 is a highly selective 5-HT2A agonist with proprietary intellectual property. BMB-202 exhibits a more than 30-fold selectivity over 5-HT2C and more than 500-fold selectivity over 5-HT2B. BMB-202 has shown two-fold superior potency compared to psilocin in vitro. As opposed to the first-generation psychedelics, BMB-202 is a full agonist at 5-HT2A receptor and does not have significant activity at other 5-HT receptors. BMB-202 is a fast acting, short duration, Cmax driven compound. We call these fast-on-fast-off compounds with anticipated patient discharge around two hours. BMB-202 exhibits excellent drug-like properties, brain penetrance and has demonstrated antidepressant drug profile in vivo. BMB-202 is the first clinical candidate from an extensive portfolio of selective 5-HT2A and 5-HT2A/2C agonists inspired from natural compound scaffolds.

[Smilin_B]

$4.75 down to the $0.40s

This was one of the most heavily shorted stocks

[Smilin_B]

Pull up a 3-month chart and look at the volume bars just over the last 72 hours in comparison to the volume on a daily basis since January

[DJS1]

They have been quiet for a very long time. I sure hope you are right. I have been holding my shares for a long time. There does seem to be a lot of continuous buying pressure.

[Smilin_B]

There's got to be some inside, phase or clinical trial positivity going on within the company that we just don't know about.

This stock has been a real monster in the past. I'm just waiting for them to come out with the news and an epic run on the shares will be the result

[Smilin_B]

If DRUG pops up over $1/share, the shorts that have been keeping their boots on this stock's neck will begin to cover

[DJS1]

Moving on up now pre-market. Looking for another good day! Let’s get this above a dollar!!

[PennyPusher786]

Did it again pre market an hour ago lollll...

[PennyPusher786]

I think Because somebody(s) Mass flipping from .40s and likely accumulating too lol....

[Smilin_B]

Interesting to see this double top out at 85 cents and then crash back down to the mid 60 cent level

[PennyPusher786]

Took a heaft 600k plus to tank it .15 cents though... new & Existing hands must've loaded

[PennyPusher786]

Wow... basically .85 was hit... profit takers got out and reloaded... crushed the run to .90s...

[DJS1]

Let’s crush the shorts!!!

[DJS1]

We may be approaching a new HOD!

[PennyPusher786]

Yes, do that, thank you

[Smilin_B]

Yes she is making a decent stair stepping pattern but a pattern is not made in just a 48 hour period of time. We need at least five or so sessions before we can say that the trend has reversed. Following this company's clinical trials or business plan in quite some time. But I'm going to shoot an email over to the company just to see if there are any new developments that could be causing an interest in the shares

[PennyPusher786]

She wants to beach for sure.. .80s yesterday at Premarket i believe and after a dip to .40s, .77s today so far... certain individuals are loading up as one can easily see and the dumps are thinning while the buys are still fat... the spread is getting tighter too

[Smilin_B]

Looking forward to that breach thru the hod and follow-thru to over $1

Seems we may have a volume precedes news event starting here

[PennyPusher786]

NICE!!!!

[PennyPusher786]

Some fat buys

[PennyPusher786]

Sure, there will always be profit taking... news would be great

[Smilin_B]

Traders are taking profits at multiple levels, as long as there is profit to take.

If the company has news to drop, I just hope they drop it when the share price is closer to $1 per share than way down here

[PennyPusher786]

Why are people selling 4- 6 cents LOWER lol... this i don't understand

[PennyPusher786]

I did, i did look at that chart... we'll see... was pretty volatile this morning... looks like its settling down now

[Smilin_B]

Pull a 2 or 3 year chart on DRUG for a clearer perspective of just how low we are.

A push through the $0.85 level at some point this week or next should get us a nice spike over $1 per share and then perhaps shorts may begin covering.

Thing is,,,, if this is news related concerning something internally positive within the company itself, then we could be trading exponentially higher. I'm happy with the last two days worth of action with the spike from 41 cents to over 80 cents then the retracement back down to the .40s today followed by continuing buying

[PennyPusher786]

Is it? Nice. Let's hope for a dollar push!

[Smilin_B]

There simply has to be news in the pipeline that just hasn't hit the wires yet.

Stock twits is literally on fire

[Smilin_B]

DRUG CHART IS CERTAINLY LOOKING FANTASTIC

[PennyPusher786]

Hit the ask, don't bid sit they're trying hard to kill the momentum

[DJS1]

Another strong day! Looking for this to go over one dollar soon

[Smilin_B]

This was extremely heavily shorted from the $3 range or so. Much easier to cover all of those shares at a substantially lower price, hence today's volume. I'm just wondering why the shares moved up from 40 cents to over 80 cents earlier in the session. One would think there might be some news pending...

[hondaboost]

Short interests decreased dramatically by -54%, they knew something and covered.

[Smilin_B]

Correct me if I'm wrong but wasn't this one of the highest short interest stocks over the past year?

[hondaboost]

Last time, it skyrocketed to $4.75. The shorts will be panicking to cover once the good news is out.

[hondaboost]

Then, Tremendous news tomorrow!

[hondaboost]

Good news tomorrow?

[Smilin_B]

Volume precedes news

I see no pump involved today anywhere