Bright Minds Biosciences (NASDAQ:DRUG) Releases Earnings Results, Beats Expectations By $0.28 EPS

Bright Minds Biosciences (NASDAQ:DRUG) issued its quarterly earnings results on Thursday. The company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28, Zacks reports.

Bright Minds Biosciences Trading Down 3.3%

Shares of Bright Minds Biosciences stock opened at $77.90 on Friday. The business’s fifty day moving average price is $83.28 and its 200 day moving average price is $63.16. Bright Minds Biosciences has a twelve month low of $23.17 and a twelve month high of $123.75. The stock has a market capitalization of $757.97 million, a P/E ratio of -40.36 and a beta of -6.18.

Institutional Trading of Bright Minds Biosciences

Institutional investors have recently modified their holdings of the company. Vivo Capital LLC increased its position in Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after purchasing an additional 250,045 shares in the last quarter. Millennium Management LLC grew its stake in Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Bright Minds Biosciences in the third quarter worth $11,339,000. Acuta Capital Partners LLC raised its stake in shares of Bright Minds Biosciences by 75.1% in the 3rd quarter. Acuta Capital Partners LLC now owns 84,875 shares of the company’s stock valued at $5,149,000 after acquiring an additional 36,401 shares during the period. Finally, State Street Corp lifted its holdings in shares of Bright Minds Biosciences by 13.0% during the 4th quarter. State Street Corp now owns 77,278 shares of the company’s stock valued at $6,031,000 after acquiring an additional 8,890 shares in the last quarter. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. HC Wainwright restated a “buy” rating and set a $115.00 price objective on shares of Bright Minds Biosciences in a report on Tuesday, December 30th. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. BTIG Research increased their target price on Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Finally, Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Bright Minds Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $117.00.

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.