Bright Minds Biosciences (NASDAQ:DRUG) Sees Unusually-High Trading Volume – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw strong trading volume on Wednesday . 356,580 shares changed hands during mid-day trading, an increase of 71% from the previous session’s volume of 208,372 shares.The stock last traded at $63.0780 and had previously closed at $67.80.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DRUG shares. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They issued a “buy” rating and a $145.00 target price for the company. Piper Sandler reiterated an “overweight” rating and issued a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. BTIG Research reiterated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Finally, Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research note on Friday, February 13th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Bright Minds Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Trading Down 5.8%

The company has a market capitalization of $621.31 million, a PE ratio of -26.17 and a beta of -5.53. The business’s 50-day simple moving average is $82.16 and its 200-day simple moving average is $80.51.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. Sell-side analysts forecast that Bright Minds Biosciences Inc. will post -4.9 EPS for the current fiscal year.

Insider Transactions at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider owned 950,000 shares in the company, valued at $85,025,000. This represents a 10.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 42.66% of the company’s stock.

Institutional Investors Weigh In On Bright Minds Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRUG. Braidwell LP acquired a new stake in Bright Minds Biosciences during the 3rd quarter worth $18,422,000. Vivo Capital LLC boosted its stake in Bright Minds Biosciences by 99.4% during the 3rd 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 during the last quarter. MPM Bioimpact LLC acquired a new position in shares of Bright Minds Biosciences during the 4th quarter valued at about $17,961,000. Balyasny Asset Management L.P. acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at about $11,339,000. Finally, Millennium Management LLC boosted its position in shares of Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after acquiring an additional 152,178 shares during the last quarter. Institutional investors and hedge funds own 40.52% of the company’s stock.

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.