Bright Minds Biosciences (NASDAQ:DRUG) Trading Down 5.2% – What’s Next?

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) fell 5.2% during mid-day trading on Monday . The stock traded as low as $65.31 and last traded at $65.4130. 190,594 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 204,992 shares. The stock had previously closed at $69.00.

Analyst Ratings Changes

Several brokerages have issued reports on DRUG. HC Wainwright reiterated a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They issued a “buy” rating and a $145.00 price target on the stock. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a research note on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and issued a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Finally, BTIG Research reiterated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Bright Minds Biosciences currently has an average rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Trading Down 5.5%

The company has a market capitalization of $634.25 million, a price-to-earnings ratio of -26.49 and a beta of -5.53. The firm’s 50 day moving average price is $82.37 and its two-hundred day moving average price is $80.39.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, topping the consensus estimate of ($0.86) by $0.06. As a group, equities research analysts predict that Bright Minds Biosciences Inc. will post -4.9 EPS for the current year.

Insider Activity at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the completion of the sale, the insider owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. The trade was a 10.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 42.66% of the company’s stock.

Institutional Trading of Bright Minds Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after buying an additional 372 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bright Minds Biosciences by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock worth $973,000 after buying an additional 861 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth about $58,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth about $73,000. Finally, Strs Ohio boosted its holdings in shares of Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after buying an additional 1,800 shares during the period. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

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.