Bright Minds Biosciences (NASDAQ:DRUG) Announces Quarterly Earnings Results, Beats Expectations By $1.11 EPS

Bright Minds Biosciences (NASDAQ:DRUG) issued its earnings results on Friday. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($1.28) by $1.11, Zacks reports.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ:DRUG traded down $1.56 during midday trading on Friday, reaching $76.44. The company’s stock had a trading volume of 151,386 shares, compared to its average volume of 191,720. Bright Minds Biosciences has a fifty-two week low of $38.00 and a fifty-two week high of $123.75. The firm has a 50 day moving average price of $70.69 and a two-hundred day moving average price of $77.16. The firm has a market capitalization of $743.76 million, a price-to-earnings ratio of -31.33 and a beta of -5.27.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a report on Monday, June 1st. Piper Sandler restated an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Finally, Wall Street Zen raised shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $143.83.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its holdings 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 worth $6,946,000 after buying an additional 152,178 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in shares of Bright Minds Biosciences during the 1st quarter valued at $802,000. Geode Capital Management LLC acquired a new position in shares of Bright Minds Biosciences during the 2nd quarter valued at $1,502,000. JPMorgan Chase & Co. boosted its stake in Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new stake in Bright Minds Biosciences in the second quarter worth $107,000. 40.52% of the stock is currently owned by institutional investors.

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.