Bright Minds Biosciences (NASDAQ:DRUG) Trading Up 5.9% After Better-Than-Expected Earnings

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s share price shot up 5.9% during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $83.74 and last traded at $84.18. Approximately 101,235 shares were traded 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) EPS for the quarter, beating the consensus estimate of ($1.28) by $1.11.

Analyst Ratings Changes

DRUG has been the subject of a number of analyst reports. BTIG Research restated a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday. Piper Sandler reiterated an “overweight” rating and issued a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. Finally, HC Wainwright restated a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $143.83.

Institutional Investors Weigh In On Bright Minds Biosciences

Several institutional investors have recently bought and sold shares of the company. Vivo Capital LLC increased its position in shares of Bright Minds Biosciences by 99.4% during the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after purchasing an additional 250,045 shares in the last quarter. MPM Bioimpact LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter worth $17,961,000. Balyasny Asset Management L.P. acquired a new stake in shares of Bright Minds Biosciences in the 3rd quarter worth $11,339,000. Millennium Management LLC grew its stake in Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares during the last quarter. Finally, Ikarian Capital LLC grew its stake in Bright Minds Biosciences by 933.1% during the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock worth $12,441,000 after buying an additional 143,990 shares during the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Trading Up 0.8%

The company has a 50-day moving average of $71.77 and a 200-day moving average of $77.10. The company has a market capitalization of $824.52 million, a price-to-earnings ratio of -40.74 and a beta of -5.27.

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.