Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 7.7% – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s share price traded down 7.7% during trading on Friday . The stock traded as low as $71.61 and last traded at $72.1980. Approximately 58,149 shares changed hands during trading, a decline of 75% from the average session volume of 231,766 shares. The stock had previously closed at $78.20.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DRUG shares. BTIG Research reissued a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a report on Monday, March 30th. Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. Piper Sandler reiterated an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. HC Wainwright reissued a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Finally, Jefferies Financial Group assumed coverage on shares of Bright Minds Biosciences in a research report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target on the stock. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Bright Minds Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Trading Down 6.9%

The stock has a market capitalization of $708.28 million, a P/E ratio of -29.74 and a beta of -5.34. The business’s fifty day simple moving average is $74.18 and its two-hundred day simple moving average is $78.88.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) EPS for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. On average, equities research analysts anticipate that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the completion of the transaction, the insider owned 950,000 shares in the company, valued at $85,025,000. This trade represents a 10.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 42.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Bright Minds Biosciences by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after purchasing an additional 861 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at about $58,000. Strs Ohio grew its position in shares of Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after buying an additional 1,800 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after buying an additional 1,873 shares during the period. 40.52% of the stock is owned by institutional investors.

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.