Bright Minds Biosciences (NASDAQ:DRUG) Releases Quarterly Earnings Results

Bright Minds Biosciences (NASDAQ:DRUG) announced its quarterly earnings data on Tuesday. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.87) by $0.07, Zacks reports.

Bright Minds Biosciences Stock Down 0.6%

Shares of DRUG stock traded down $0.46 during mid-day trading on Tuesday, reaching $74.54. The company’s stock had a trading volume of 234,765 shares, compared to its average volume of 177,722. The company’s 50 day simple moving average is $80.37 and its 200-day simple moving average is $77.94. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75. The firm has a market capitalization of $725.42 million, a PE ratio of -38.62 and a beta of -5.35.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction on 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 transaction, 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 legal filing with the SEC, which is available at this link. Corporate insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada lifted its stake in Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $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 during the third quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences in the 2nd quarter worth about $66,000. Finally, New York State Common Retirement Fund bought a new position in shares of Bright Minds Biosciences in the 2nd quarter worth about $107,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a report on Friday, February 13th. Jefferies Financial Group assumed coverage on shares of Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target on the stock. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. BTIG Research reiterated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. Finally, HC Wainwright lifted their price target on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Bright Minds Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $128.60.

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.