Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 6.9% – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares fell 6.9% on Thursday. The company traded as low as $53.77 and last traded at $53.92. 70,968 shares changed hands during trading, a decline of 66% from the average session volume of 210,218 shares. The stock had previously closed at $57.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Benchmark reaffirmed a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. BTIG Research restated a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, August 17th. Oppenheimer cut Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Finally, Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Trading Down 3.2%

The stock has a market cap of $504.01 million, a price-to-earnings ratio of -24.90 and a beta of -5.36. The company has a 50 day simple moving average of $71.29 and a 200-day simple moving average of $74.52.

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

Institutional Trading of Bright Minds Biosciences

Several hedge funds have recently added to or reduced their stakes in DRUG. Strs Ohio grew its position in shares of Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after purchasing an additional 1,800 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Bright Minds Biosciences during the 2nd quarter valued at approximately $380,000. Seven Fleet Capital Management LP acquired a new position in shares of Bright Minds Biosciences in the first quarter valued at approximately $467,000. Sei Investments Co. acquired a new stake in Bright Minds Biosciences in the first quarter valued at $816,000. Finally, AdvisorShares Investments LLC raised its position in shares of Bright Minds Biosciences by 26.8% during the first quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after acquiring an additional 2,669 shares during the last quarter. 40.52% of the stock is 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 therapies for neuropsychiatric and neurological disorders. The company’s research centers on selective serotonin receptor agonists designed to address conditions such as treatment-resistant depression, substance use disorders and other disorders involving disrupted brain signaling.

Bright Minds’ lead program, BMB-101, is an orally administered, selective 5-HT2C receptor agonist being developed as a potential treatment for conditions including substance use disorder and related neuropsychiatric indications.