Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 7.2% – Time to Sell?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares were down 7.2% during trading on Monday . The stock traded as low as $82.28 and last traded at $81.7670. Approximately 194,657 shares were traded during mid-day trading, an increase of 6% from the average daily volume of 184,286 shares. The stock had previously closed at $88.07.

Analysts Set New Price Targets

DRUG has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $145.00 price target on shares of Bright Minds Biosciences in a research note on Monday. BTIG Research reissued a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Jefferies Financial Group initiated coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They set a “buy” rating and a $145.00 target price for the company. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a report on Friday, February 13th. Finally, Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Bright Minds Biosciences presently has an average rating of “Moderate Buy” and an average target price of $143.83.

Bright Minds Biosciences Stock Performance

The firm has a fifty day simple moving average of $82.10 and a 200 day simple moving average of $79.81. The company has a market capitalization of $793.30 million, a PE ratio of -33.56 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) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.06. Research analysts expect that Bright Minds Biosciences Inc. will post -4.99 EPS for the current fiscal year.

Insider Buying and Selling at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the stock in a transaction that occurred 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 transaction, the insider owned 950,000 shares in the company, valued at approximately $85,025,000. This represents a 10.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its position in Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after buying an additional 372 shares during the period. Russell Investments Group Ltd. acquired a new position in Bright Minds Biosciences in the 3rd quarter valued at $58,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Bright Minds Biosciences in the third quarter worth about $73,000. JPMorgan Chase & Co. increased its holdings in shares of Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bright Minds Biosciences during the second quarter worth $66,000. 40.52% of the stock is currently owned by hedge funds and other 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.