Bright Minds Biosciences (NASDAQ:DRUG) Issues Earnings Results

Key Points

• Bright Minds Biosciences reported a Q2 EPS of ($0.53), surpassing analysts' expectations of ($0.59) by $0.06.
• Shares of NASDAQ:DRUG saw a decline, trading at $41.82, reflecting a market capitalization of $294.41 million.
• A majority of analysts have a positive outlook, with seven giving a buy rating and a consensus target price of $83.25.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.53) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.06, Zacks reports.

Bright Minds Biosciences Price Performance

Shares of NASDAQ DRUG traded down $0.72 during mid-day trading on Friday, hitting $41.82. The company had a trading volume of 51,074 shares, compared to its average volume of 55,074. The company has a market capitalization of $294.41 million, a PE ratio of -44.97 and a beta of -6.07. Bright Minds Biosciences has a 1-year low of $0.94 and a 1-year high of $79.02. The business's 50-day simple moving average is $30.15 and its 200 day simple moving average is $32.43.

Wall Street Analysts Forecast Growth

DRUG has been the topic of a number of research reports. Chardan Capital restated a "buy" rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, May 21st. Cowen initiated coverage on Bright Minds Biosciences in a research note on Tuesday, May 13th. They set a "buy" rating on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Bright Minds Biosciences in a research note on Wednesday, July 2nd. Wall Street Zen cut Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, TD Cowen assumed coverage on Bright Minds Biosciences in a research note on Tuesday, May 13th. They issued a "buy" rating on the stock. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.25.

Institutional Trading of Bright Minds Biosciences

Several hedge funds have recently modified their holdings of DRUG. JPMorgan Chase & Co. increased its holdings 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 buying an additional 1,873 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bright Minds Biosciences in the second quarter valued at $66,000. New York State Common Retirement Fund purchased a new position in Bright Minds Biosciences in the second quarter valued at $107,000. Goldman Sachs Group Inc. purchased a new position in Bright Minds Biosciences in the first quarter valued at $802,000. Finally, Geode Capital Management LLC purchased a new position in Bright Minds Biosciences in the second quarter valued at $1,502,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.

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