Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Down 5.2% – Time to Sell?

Bright Minds Biosciences Inc. (NASDAQ:DRUG) dropped 5.2% during mid-day trading on Thursday . The company traded as low as $67.84 and last traded at $67.4350. 65,596 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 220,467 shares. The stock had previously closed at $71.12.

Analysts Set New Price Targets

Several equities analysts have weighed in on DRUG shares. BTIG Research reaffirmed a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Piper Sandler reiterated an “overweight” rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. HC Wainwright reissued a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Oppenheimer lowered Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. Finally, Wall Street Zen upgraded Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $143.83.

Bright Minds Biosciences Price Performance

The company has a market cap of $656.28 million, a PE ratio of -32.42 and a beta of -5.35. The stock has a 50 day simple moving average of $74.43 and a two-hundred day simple moving average of $76.99.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Monday, August 17th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. As a group, equities analysts anticipate that Bright Minds Biosciences Inc. will post -2.93 EPS for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors have recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in shares of Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Bright Minds Biosciences by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after buying an additional 861 shares during the period. Russell Investments Group Ltd. acquired a new position in Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. Strs Ohio boosted its holdings in Bright Minds Biosciences by 200.0% in the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after acquiring an additional 1,800 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares in the last quarter. 40.52% of the stock is currently owned by hedge funds and other 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.