Bright Minds Biosciences (NASDAQ:DRUG) Issues Quarterly Earnings Results

Key Points

• Bright Minds Biosciences reported quarterly EPS of ($0.17), beating analysts’ consensus estimate of ($1.28) by $1.11.
• Shares fell 2.0% to $76.44 during Friday trading, giving the company a market capitalization of approximately $743.8 million; institutional investors own 40.52% of the stock.
• Analysts remain broadly positive, with an average “Buy” rating and a consensus price target of $143.83, while Piper Sandler raised its target to $220.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) announced its quarterly earnings results on Friday. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.28) by $1.11, Zacks reports.

Bright Minds Biosciences Stock Down 2.0%

Shares of DRUG traded down $1.56 during trading hours on Friday, reaching $76.44. 151,386 shares of the company traded hands, compared to its average volume of 230,080. The company's fifty day moving average price is $70.55 and its two-hundred day moving average price is $77.17. The company has a market capitalization of $743.76 million, a price-to-earnings ratio of -31.33 and a beta of -5.27. Bright Minds Biosciences has a 12 month low of $38.00 and a 12 month high of $123.75.

Institutional Trading of Bright Minds Biosciences

Several large investors have recently bought and sold shares of DRUG. Royal Bank of Canada raised its position in shares of Bright Minds Biosciences by 240.0% in 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 in the last quarter. JPMorgan Chase & Co. grew its stake in Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock worth $57,000 after purchasing an additional 1,873 shares during the period. Russell Investments Group Ltd. purchased a new stake in Bright Minds Biosciences in the third quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bright Minds Biosciences in the second quarter worth $66,000. Finally, New York State Common Retirement Fund bought a new position in Bright Minds Biosciences in the second quarter worth $107,000. 40.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

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.

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