Bright Minds Biosciences (NASDAQ:DRUG) Stock Falls 5.9% – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s stock price was down 5.9% on Wednesday. The stock traded as low as $52.50 and last traded at $51.9250. 94,695 shares changed hands during trading, a decline of 54% from the average session volume of 205,206 shares. The stock had previously closed at $55.20.

Analyst Ratings Changes

DRUG has been the subject of a number of research reports. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Lifesci Capital raised Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, September 28th. Wolfe Research assumed coverage on Bright Minds Biosciences in a research note on Thursday, October 15th. They issued an “outperform” rating and a $150.00 price objective for the company. Finally, BTIG Research reaffirmed a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $144.71.

Bright Minds Biosciences Price Performance

The firm’s fifty day simple moving average is $62.06 and its 200 day simple moving average is $71.69. The company has a market capitalization of $502.60 million, a PE ratio of -24.83 and a beta of -5.22.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.22) by $1.05. On average, equities research analysts anticipate that Bright Minds Biosciences Inc. will post -2.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in shares of Bright Minds Biosciences by 11.1% in the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after acquiring an additional 128,329 shares during the last quarter. Vivo Capital LLC raised its holdings in shares of Bright Minds Biosciences by 11.1% during the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after acquiring an additional 55,555 shares during the period. Orbimed Advisors LLC acquired a new position in shares of Bright Minds Biosciences during the 1st quarter valued at about $2,919,000. ADAR1 Capital Management LLC boosted its position in shares of Bright Minds Biosciences by 868.6% during the 1st quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock valued at $2,474,000 after acquiring an additional 30,400 shares during the last quarter. Finally, Walleye Capital LLC boosted its position in shares of Bright Minds Biosciences by 108.0% during the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock valued at $3,919,000 after acquiring an additional 27,880 shares during the last quarter. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing novel treatments for neurological and psychiatric disorders. The company’s research is centered on serotonergic compounds designed to provide therapeutic benefits associated with psychedelic medicines while potentially reducing unwanted effects such as hallucinations and cardiovascular or behavioral complications.

Bright Minds’ pipeline includes BMB-101, a selective serotonin 5-HT2C receptor agonist being developed for conditions including substance use disorders.