Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 5.4% – Should You Sell?

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) dropped 5.4% during mid-day trading on Thursday . The stock traded as low as $83.66 and last traded at $83.2950. Approximately 26,141 shares traded hands during trading, a decline of 67% from the average daily volume of 79,276 shares. The stock had previously closed at $88.08.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on DRUG shares. HC Wainwright restated a “buy” rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research note on Monday, September 15th. BTIG Research initiated coverage on Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 target price on the stock. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $82.50.

Bright Minds Biosciences Price Performance

The business has a fifty day moving average of $66.60 and a 200-day moving average of $47.75. The stock has a market capitalization of $654.36 million, a price-to-earnings ratio of -90.32 and a beta of -6.22.

Institutional Trading of Bright Minds Biosciences

Large investors have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Bright Minds Biosciences during the 2nd quarter valued at about $28,000. JPMorgan Chase & Co. boosted its holdings in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the period. Russell Investments Group Ltd. acquired a new stake in Bright Minds Biosciences in the 3rd quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences during the 2nd quarter worth about $66,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Bright Minds Biosciences during the 3rd quarter worth about $73,000. Institutional investors own 40.52% of the company’s stock.

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.