Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Down 6.2% – Time to Sell?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) dropped 6.2% on Friday . The stock traded as low as $76.64 and last traded at $75.5470. Approximately 35,419 shares were traded during trading, a decline of 83% from the average daily volume of 208,211 shares. The stock had previously closed at $80.57.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. HC Wainwright reaffirmed a “buy” rating and set a $115.00 price target on shares of Bright Minds Biosciences in a report on Tuesday, December 30th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Robert W. Baird set a $126.00 price objective on shares of Bright Minds Biosciences in a research report on Friday. Finally, BTIG Research increased their price target on Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Stock Performance

The company has a market capitalization of $757.46 million, a P/E ratio of -63.81 and a beta of -6.18. The business’s fifty day simple moving average is $83.34 and its 200-day simple moving average is $62.85.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28. As a group, analysts forecast that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of hedge funds have recently bought and sold shares of DRUG. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth about $28,000. JPMorgan Chase & Co. increased its stake 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 acquiring an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Bright Minds Biosciences during the third quarter valued at approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at approximately $66,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Bright Minds Biosciences in the 3rd quarter valued at approximately $73,000. 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.