Bright Minds Biosciences (DRUG) Projected to Post Earnings on Monday

Bright Minds Biosciences (NASDAQ:DRUG) is projected to release its results before the market opens on Monday, December 29th. Analysts expect Bright Minds Biosciences to post earnings of ($1.2050) per share for the quarter.

Bright Minds Biosciences Price Performance

NASDAQ:DRUG opened at $84.79 on Thursday. The business’s 50-day simple moving average is $67.62 and its 200-day simple moving average is $49.08. Bright Minds Biosciences has a fifty-two week low of $23.17 and a fifty-two week high of $97.75. The stock has a market capitalization of $660.51 million, a PE ratio of -91.17 and a beta of -6.22.

Institutional Investors Weigh In On Bright Minds Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position 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 purchasing an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Bright Minds Biosciences in the third quarter valued at about $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences during the second quarter worth about $66,000. New York State Common Retirement Fund acquired a new position in shares of Bright Minds Biosciences in the second quarter worth approximately $107,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Bright Minds Biosciences by 949.5% in the third quarter. BNP Paribas Financial Markets now owns 4,796 shares of the company’s stock worth $291,000 after acquiring an additional 4,339 shares during the period. 40.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DRUG has been the topic of several recent analyst reports. BTIG Research began coverage on Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Chardan Capital raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Wednesday, November 19th. Finally, Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $82.50.

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.