Bright Minds Biosciences (NASDAQ:DRUG) Announces Quarterly Earnings Results, Beats Estimates By $0.07 EPS

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

Bright Minds Biosciences Price Performance

NASDAQ DRUG opened at $74.54 on Wednesday. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $123.75. The stock has a market capitalization of $725.27 million, a PE ratio of -38.62 and a beta of -5.35. The company’s 50 day simple moving average is $80.33 and its two-hundred day simple moving average is $78.08.

Insiders Place Their Bets

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total value of $9,785,124.50. Following the transaction, the insider directly owned 950,000 shares in the company, valued at $85,025,000. This represents a 10.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 42.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after acquiring an additional 372 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Bright Minds Biosciences in the 3rd quarter worth approximately $58,000. JPMorgan Chase & Co. grew its stake in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after buying an additional 1,873 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bright Minds Biosciences in the 2nd quarter worth approximately $66,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in Bright Minds Biosciences in the 4th quarter worth approximately $221,000. 40.52% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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