Bright Minds Biosciences (NASDAQ:DRUG) Announces Earnings Results, Beats Expectations By $1.11 EPS

Bright Minds Biosciences (NASDAQ:DRUG) released its quarterly earnings data on Friday. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($1.28) by $1.11, Zacks reports.

Bright Minds Biosciences Trading Down 2.0%

Shares of DRUG stock traded down $1.56 during trading hours on Friday, reaching $76.44. 151,386 shares of the stock were exchanged, compared to its average volume of 230,080. The firm has a market capitalization of $743.76 million, a price-to-earnings ratio of -31.33 and a beta of -5.27. Bright Minds Biosciences has a 12-month low of $38.00 and a 12-month high of $123.75. The company’s 50-day moving average price is $70.55 and its 200-day moving average price is $77.17.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vivo Capital LLC raised its holdings in shares of Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after buying an additional 250,045 shares during the period. MPM Bioimpact LLC purchased a new position in Bright Minds Biosciences during the 4th quarter valued at $17,961,000. Balyasny Asset Management L.P. bought a new position in Bright Minds Biosciences in the 3rd quarter valued at $11,339,000. Millennium Management LLC grew its position in Bright Minds Biosciences by 376.9% in the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after acquiring an additional 152,178 shares during the last quarter. Finally, Ikarian Capital LLC increased its stake in Bright Minds Biosciences by 933.1% in the fourth quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock worth $12,441,000 after purchasing an additional 143,990 shares during the period. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. HC Wainwright reiterated a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Finally, Piper Sandler restated an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $143.83.

About Bright Minds Biosciences

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.