Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 5.4% – What’s Next?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) dropped 5.4% on Thursday . The stock traded as low as $83.66 and last traded at $83.2950. Approximately 26,141 shares changed hands during trading, a decline of 67% from the average daily volume of 79,276 shares. The stock had previously closed at $88.08.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DRUG shares. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. HC Wainwright reaffirmed a “buy” rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a report on Monday, September 15th. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. BTIG Research started coverage on shares of Bright Minds Biosciences in a report on Monday, September 8th. They set a “buy” rating and a $72.00 price target for the company. Finally, Chardan Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a research note on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $82.50.

Bright Minds Biosciences Trading Down 7.8%

The stock has a market cap of $632.82 million, a P/E ratio of -87.21 and a beta of -6.22. The company’s fifty day simple moving average is $65.84 and its 200-day simple moving average is $47.14.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors have recently added to or reduced their stakes in DRUG. Braidwell LP acquired a new position in shares of Bright Minds Biosciences in the 3rd quarter worth approximately $18,422,000. Vivo Capital LLC raised its stake in 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 acquiring an additional 250,045 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Bright Minds Biosciences during the third quarter valued at $11,339,000. Millennium Management LLC boosted its stake in shares of Bright Minds Biosciences by 376.9% in the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Bright Minds Biosciences by 50.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after purchasing an additional 67,500 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, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.