Bright Minds Biosciences (NASDAQ:DRUG) Trading Down 7.2% – Here’s What Happened

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was down 7.2% on Monday . The company traded as low as $82.28 and last traded at $81.7670. Approximately 194,657 shares traded hands during trading, an increase of 6% from the average daily volume of 184,286 shares. The stock had previously closed at $88.07.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DRUG. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a research note on Monday. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. BTIG Research reaffirmed a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Finally, Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research report on Friday, February 13th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Price Performance

The firm’s 50 day moving average price is $82.10 and its 200-day moving average price is $79.81. The stock has a market cap of $793.30 million, a P/E ratio of -33.56 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.06. On average, analysts expect that Bright Minds Biosciences Inc. will post -4.99 earnings per share for the current year.

Insider Activity

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the 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 completion of the sale, the insider directly owned 950,000 shares of the company’s stock, valued at $85,025,000. This represents a 10.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 42.66% of the stock is currently owned by company insiders.

Institutional Trading of Bright Minds Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vivo Capital LLC grew its position in shares of Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after purchasing an additional 55,555 shares in the last quarter. Bank of America Corp DE lifted its position in Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after purchasing an additional 4,347 shares during the last quarter. Janus Henderson Group PLC lifted its position in Bright Minds Biosciences by 11.1% during the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after purchasing an additional 128,329 shares during the last quarter. ADAR1 Capital Management LLC grew its stake in shares of Bright Minds Biosciences by 868.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock worth $2,474,000 after buying an additional 30,400 shares in the last quarter. Finally, Orbimed Advisors LLC bought a new stake in shares of Bright Minds Biosciences in the 1st quarter worth about $2,919,000. 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.