Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Up 5.9% Following Earnings Beat

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) shot up 5.9% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $83.74 and last traded at $84.18. 101,235 shares changed hands during trading, a decline of 56% from the average daily volume of 229,750 shares. The stock had previously closed at $79.48.

The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.28) by $1.11.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Piper Sandler reissued 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. HC Wainwright restated a “buy” rating and set a $145.00 price target on shares of Bright Minds Biosciences in a report on Wednesday. Benchmark restated a “buy” rating on shares of Bright Minds Biosciences in a research report on Thursday. Finally, BTIG Research restated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. Based on data from MarketBeat, Bright Minds Biosciences currently has an average rating of “Buy” and a consensus price target of $143.83.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors have recently bought and sold shares of DRUG. Orbimed Advisors LLC acquired a new position in shares of Bright Minds Biosciences in the 1st quarter valued at about $2,919,000. Janus Henderson Group PLC boosted its holdings in shares of Bright Minds Biosciences by 11.1% during the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after purchasing an additional 128,329 shares during the period. Vivo Capital LLC grew its position in Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after purchasing an additional 55,555 shares in the last quarter. ADAR1 Capital Management LLC grew its position in Bright Minds Biosciences by 868.6% during the first quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock valued at $2,474,000 after purchasing an additional 30,400 shares in the last quarter. Finally, Walleye Capital LLC increased its stake in Bright Minds Biosciences by 108.0% in the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock valued at $3,919,000 after buying an additional 27,880 shares during the period. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Stock Performance

The stock has a market cap of $824.52 million, a price-to-earnings ratio of -40.74 and a beta of -5.27. The company’s 50 day simple moving average is $71.77 and its two-hundred day simple moving average is $77.10.

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.