Bright Minds Biosciences (NASDAQ:DRUG) Issues Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Bright Minds Biosciences (NASDAQ:DRUG) posted its quarterly earnings results on Tuesday. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.87) by $0.07, Zacks reports.

Bright Minds Biosciences Trading Down 0.6%

Shares of NASDAQ DRUG traded down $0.46 during mid-day trading on Tuesday, reaching $74.54. 234,765 shares of the company’s stock were exchanged, compared to its average volume of 177,722. The firm has a market capitalization of $725.42 million, a price-to-earnings ratio of -38.62 and a beta of -5.35. The business has a fifty day simple moving average of $80.37 and a 200 day simple moving average of $77.94. Bright Minds Biosciences has a twelve month low of $23.17 and a twelve month high of $123.75.

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 dated Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the sale, the insider owned 950,000 shares of the company’s stock, valued at $85,025,000. This trade represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 42.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after acquiring an additional 372 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. JPMorgan Chase & Co. boosted its stake in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences during the 2nd quarter worth approximately $66,000. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Bright Minds Biosciences during the 4th quarter worth approximately $221,000. 40.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DRUG has been the topic of several recent research reports. HC Wainwright raised their price target on Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Jefferies Financial Group began coverage on Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target on the stock. BTIG Research reissued a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Robert W. Baird set a $126.00 target price on Bright Minds Biosciences in a research note on Friday, February 13th. Finally, Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $128.60.

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.