Bright Minds Biosciences (NASDAQ:DRUG) Sees Large Volume Increase – Here’s What Happened

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw unusually-high trading volume on Wednesday . Approximately 356,580 shares traded hands during trading, an increase of 71% from the previous session’s volume of 208,372 shares.The stock last traded at $63.0780 and had previously closed at $67.80.

Analysts Set New Price Targets

DRUG has been the topic of a number of recent research reports. BTIG Research restated a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a report on Friday, February 13th. Piper Sandler restated an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Finally, HC Wainwright restated a “buy” rating and set a $145.00 price target on shares of Bright Minds Biosciences in a report on Monday, June 1st. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bright Minds Biosciences currently has an average rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Stock Performance

The business’s 50 day moving average is $81.80 and its 200-day moving average is $80.56. The firm has a market capitalization of $599.08 million, a price-to-earnings ratio of -25.23 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. Equities research analysts forecast that Bright Minds Biosciences Inc. will post -4.9 EPS for the current fiscal year.

Insider Transactions at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total value of $9,785,124.50. Following the transaction, the insider directly owned 950,000 shares in the company, valued at approximately $85,025,000. This trade represents a 10.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada grew its position in Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 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 valued at $973,000 after purchasing an additional 861 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Bright Minds Biosciences during the 3rd quarter valued at about $58,000. Gordian Capital Singapore Pte Ltd bought a new position in Bright Minds Biosciences during the 3rd quarter valued at about $73,000. Finally, Strs Ohio lifted its holdings in Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after purchasing an additional 1,800 shares during the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.