Bright Minds Biosciences (NASDAQ:DRUG) Trading Down 5.2% – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares traded down 5.2% during trading on Monday . The company traded as low as $65.31 and last traded at $65.4130. 190,594 shares were traded during trading, a decline of 7% from the average session volume of 204,992 shares. The stock had previously closed at $69.00.

Analyst Ratings Changes

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

Bright Minds Biosciences Price Performance

The business’s 50-day moving average price is $82.37 and its two-hundred day moving average price is $80.39. The company has a market capitalization of $634.25 million, a P/E ratio of -26.49 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. Research analysts expect that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the business’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 sale, the insider directly owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. The trade was a 10.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 42.66% of the company’s stock.

Institutional Investors Weigh In On Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after acquiring an additional 372 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in Bright Minds Biosciences in the 3rd quarter valued at $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Bright Minds Biosciences in the 2nd quarter valued at $66,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Bright Minds Biosciences in the 3rd quarter valued at $73,000. 40.52% of the stock is owned by 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.