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

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

Analysts Set New Price Targets

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

Bright Minds Biosciences Stock Down 0.5%

The business has a 50-day moving average price of $73.95 and a two-hundred day moving average price of $78.87. The company has a market capitalization of $757.38 million, a price-to-earnings ratio of -31.90 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.06. On average, sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -4.9 EPS for the current fiscal year.

Insider Activity at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction dated 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 sale, the insider owned 950,000 shares in the company, valued at $85,025,000. This represents a 10.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 42.66% of the stock is currently owned by insiders.

Institutional Trading of Bright Minds Biosciences

Several institutional investors and hedge funds have recently modified their holdings of DRUG. 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 valued at $40,000 after buying an additional 372 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in 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 acquiring an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Bright Minds Biosciences during the 3rd quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth $66,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth $107,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

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.