Bright Minds Biosciences (NASDAQ:DRUG) Issues Quarterly Earnings Results

Bright Minds Biosciences (NASDAQ:DRUG) released its quarterly earnings results on Tuesday. The company reported ($0.80) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.26, Zacks reports.

Bright Minds Biosciences Price Performance

Shares of DRUG stock opened at $82.78 on Thursday. The company has a market capitalization of $805.45 million, a price-to-earnings ratio of -33.93 and a beta of -5.35. Bright Minds Biosciences has a one year low of $23.17 and a one year high of $123.75. The company’s fifty day moving average price is $80.37 and its 200-day moving average price is $78.28.

Wall Street Analyst Weigh In

DRUG has been the topic of several recent research reports. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. 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 research report on Wednesday. HC Wainwright increased their price target on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. BTIG Research reiterated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Finally, Jefferies Financial Group initiated coverage on shares of Bright Minds Biosciences in a research report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $143.83.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the sale, the insider directly owned 950,000 shares in the company, valued at $85,025,000. This trade represents a 10.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 42.66% of the stock is owned by insiders.

Institutional Trading of Bright Minds Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Vivo Capital LLC grew its stake in shares of Bright Minds Biosciences by 99.4% in the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after buying an additional 250,045 shares in the last quarter. MPM Bioimpact LLC purchased a new position in shares of Bright Minds Biosciences in the 4th quarter worth $17,961,000. Balyasny Asset Management L.P. purchased a new position in shares of Bright Minds Biosciences in the 3rd quarter worth $11,339,000. Millennium Management LLC grew 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 worth $6,946,000 after buying an additional 152,178 shares in the last quarter. Finally, Ikarian Capital LLC grew its stake in shares of Bright Minds Biosciences by 933.1% in 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 in the last quarter. 40.52% of the stock is currently owned by institutional investors.

Bright Minds Biosciences Company Profile

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.