Bright Minds Biosciences (NASDAQ:DRUG) Stock Falls 5.9% – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s stock price was down 5.9% during mid-day trading on Wednesday. The stock traded as low as $52.50 and last traded at $51.9250. 94,695 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 205,206 shares. The stock had previously closed at $55.20.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. BTIG Research reaffirmed a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a report on Monday, August 17th. Oppenheimer lowered Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. Wolfe Research began coverage on Bright Minds Biosciences in a research report on Thursday, October 15th. They issued an “outperform” rating and a $150.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a report on Wednesday, August 19th. Finally, Benchmark reissued a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.71.

Bright Minds Biosciences Price Performance

The company has a market cap of $496.86 million, a P/E ratio of -24.55 and a beta of -5.22. The business’s 50 day moving average price is $63.14 and its 200-day moving average price is $71.97.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($1.22) by $1.05. As a group, research analysts forecast that Bright Minds Biosciences Inc. will post -2.93 EPS for the current year.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in DRUG. Engineers Gate Manager LP bought a new position in shares of Bright Minds Biosciences in the second quarter valued at about $380,000. Bank of New York Mellon Corp bought a new stake in Bright Minds Biosciences during the 2nd quarter worth about $1,046,000. Seven Fleet Capital Management LP bought a new stake in Bright Minds Biosciences during the 1st quarter worth about $467,000. Vivo Capital LLC increased its position in Bright Minds Biosciences by 11.1% in the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after acquiring an additional 55,555 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Bright Minds Biosciences by 28.8% in the 1st quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after acquiring an additional 4,347 shares in the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.