Bright Minds Biosciences (NASDAQ:DRUG) Trading Up 5% – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was up 5% on Friday . The stock traded as high as $79.16 and last traded at $77.9060. Approximately 49,419 shares changed hands during trading, a decline of 79% from the average session volume of 234,850 shares. The stock had previously closed at $74.23.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. HC Wainwright restated a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. 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 objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. BTIG Research reissued a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. Finally, Jefferies Financial Group assumed coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They set a “buy” rating and a $145.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.83.

Bright Minds Biosciences Stock Performance

The company has a market cap of $740.65 million, a P/E ratio of -31.20 and a beta of -5.34. The firm’s fifty day moving average is $72.73 and its two-hundred day moving average is $78.57.

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

Insider Activity

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences 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 sale, the insider owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. This trade represents a 10.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC grew its holdings in Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after buying an additional 128,329 shares in the last quarter. Vivo Capital LLC lifted its holdings in shares of Bright Minds Biosciences by 11.1% in the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after buying an additional 55,555 shares in the last quarter. Braidwell LP boosted its position in shares of Bright Minds Biosciences by 6.8% during the fourth quarter. Braidwell LP now owns 324,358 shares of the company’s stock worth $25,313,000 after acquiring an additional 20,673 shares during the last quarter. MPM Bioimpact LLC bought a new position in shares of Bright Minds Biosciences during the fourth quarter worth $17,961,000. Finally, Balyasny Asset Management L.P. grew its stake in Bright Minds Biosciences by 20.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 225,412 shares of the company’s stock valued at $17,591,000 after acquiring an additional 38,490 shares in the last quarter. 40.52% of the stock is currently 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.