Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 6.9% – Time to Sell?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) dropped 6.9% during trading on Thursday . The stock traded as low as $53.77 and last traded at $53.92. Approximately 70,968 shares changed hands during trading, a decline of 66% from the average daily volume of 210,218 shares. The stock had previously closed at $57.92.

Analyst Ratings Changes

DRUG has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. BTIG Research reissued a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, August 17th. Benchmark restated a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Oppenheimer lowered Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. Finally, Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Bright Minds Biosciences currently has an average rating of “Moderate Buy” and an average target price of $143.83.

Bright Minds Biosciences Trading Down 7.3%

The firm has a market capitalization of $522.52 million, a PE ratio of -25.81 and a beta of -5.36. The company has a fifty day moving average price of $72.19 and a two-hundred day moving average price of $74.85.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Monday, August 17th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($1.22) by $1.05. As a group, equities research analysts predict that Bright Minds Biosciences Inc. will post -2.93 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Engineers Gate Manager LP purchased a new position in shares of Bright Minds Biosciences during the second quarter worth about $380,000. Bank of New York Mellon Corp acquired a new stake in Bright Minds Biosciences during the 2nd quarter worth approximately $1,046,000. Seven Fleet Capital Management LP acquired a new stake in Bright Minds Biosciences during the 1st quarter worth approximately $467,000. Vivo Capital LLC grew its stake in shares of Bright Minds Biosciences by 11.1% in the 1st 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 during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Bright Minds Biosciences by 28.8% in the 1st 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. 40.52% of the stock is owned by hedge funds and other institutional investors.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapies for neuropsychiatric and neurological disorders. The company’s research centers on selective serotonin receptor agonists designed to address conditions such as treatment-resistant depression, substance use disorders and other disorders involving disrupted brain signaling.

Bright Minds’ lead program, BMB-101, is an orally administered, selective 5-HT2C receptor agonist being developed as a potential treatment for conditions including substance use disorder and related neuropsychiatric indications.