Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Up 5% – Here’s What Happened

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was up 5% during trading on Friday . The stock traded as high as $79.16 and last traded at $77.9060. Approximately 49,419 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 234,850 shares. The stock had previously closed at $74.23.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. BTIG Research restated a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. 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. Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Finally, HC Wainwright reiterated a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Price Performance

The stock’s fifty day moving average price is $72.91 and its 200-day moving average price is $78.59. The firm has a market cap of $753.79 million, a PE ratio of -31.68 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results 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. On average, sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current fiscal year.

Insider Activity at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total value 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. This trade represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its position 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 valued at $40,000 after acquiring an additional 372 shares during the last quarter. JPMorgan Chase & Co. increased its position in Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after purchasing an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Bright Minds Biosciences during the third quarter worth about $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bright Minds Biosciences in the 2nd quarter valued at about $66,000. Finally, New York State Common Retirement Fund acquired a new position in Bright Minds Biosciences in the 2nd quarter valued at about $107,000. Hedge funds and other 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.