Bright Minds Biosciences (NASDAQ:DRUG) Sees Unusually-High Trading Volume – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares saw unusually-strong trading volume on Wednesday . Approximately 356,580 shares changed hands during trading, an increase of 71% from the previous session’s volume of 208,372 shares.The stock last traded at $63.0780 and had previously closed at $67.80.

Analyst Ratings Changes

Several research analysts have recently weighed in on DRUG shares. BTIG Research reissued a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a research report on Friday, February 13th. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. HC Wainwright reissued a “buy” rating and set a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $143.83.

Bright Minds Biosciences Stock Down 5.8%

The stock’s 50-day simple moving average is $82.16 and its 200 day simple moving average is $80.51. The company has a market cap of $621.31 million, a price-to-earnings ratio of -26.17 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its 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, sell-side analysts expect that Bright Minds Biosciences Inc. will post -4.9 EPS for the current fiscal year.

Insider Buying and Selling at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the sale, the insider directly owned 950,000 shares in the company, valued at approximately $85,025,000. This represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 42.66% of the company’s stock.

Institutional Trading of Bright Minds Biosciences

A number of large investors have recently made changes to their positions in DRUG. Braidwell LP purchased a new stake in shares of Bright Minds Biosciences during the third quarter worth approximately $18,422,000. Vivo Capital LLC increased its stake in Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after purchasing an additional 250,045 shares during the last quarter. MPM Bioimpact LLC purchased a new position in Bright Minds Biosciences in the fourth quarter valued at approximately $17,961,000. Balyasny Asset Management L.P. purchased a new position in Bright Minds Biosciences in the third quarter valued at approximately $11,339,000. Finally, Millennium Management LLC increased its stake in Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares during the last quarter. 40.52% of the stock is currently owned by hedge funds and other 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.