Bright Minds Biosciences (NASDAQ:DRUG) Trading Down 5.2% – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares dropped 5.2% on Thursday . The stock traded as low as $67.84 and last traded at $67.4350. Approximately 65,596 shares traded hands during trading, a decline of 70% from the average daily volume of 220,467 shares. The stock had previously closed at $71.12.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on DRUG shares. HC Wainwright restated a “buy” rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Oppenheimer cut shares of Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. Zacks Research raised shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, BTIG Research reissued a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $143.83.

Bright Minds Biosciences Price Performance

The firm’s 50 day moving average price is $74.50 and its 200 day moving average price is $76.84. The stock has a market capitalization of $634.01 million, a P/E ratio of -31.33 and a beta of -5.36.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Monday, August 17th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.22) by $1.05. On average, equities research analysts forecast that Bright Minds Biosciences Inc. will post -2.93 earnings per share for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in DRUG. California State Teachers Retirement System lifted its stake in Bright Minds Biosciences by 1,710.5% in the second quarter. California State Teachers Retirement System now owns 6,880 shares of the company’s stock worth $483,000 after acquiring an additional 6,500 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth about $1,046,000. Seven Fleet Capital Management LP bought a new stake in shares of Bright Minds Biosciences during the 1st quarter valued at about $467,000. Vivo Capital LLC boosted its stake in shares of Bright Minds Biosciences by 11.1% during the 1st 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. Finally, Bank of America Corp DE increased its position in shares of Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after buying an additional 4,347 shares during the period. Institutional investors own 40.52% of the company’s stock.

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.