Bright Minds Biosciences (NASDAQ:DRUG) Hits New 1-Year Low - Here's What Happened

Key Points

• Bright Minds Biosciences shares fell 3.5% and hit a new 52-week low of $47.23 during Thursday trading, with the stock last changing hands near $52.13.
• Analysts remain broadly optimistic, with a “Moderate Buy” consensus rating and an average price target of $143.83, although Oppenheimer downgraded the stock to “market perform.”
• The company reported quarterly EPS of -$0.17, beating estimates of -$1.22, while institutional investors own approximately 40.5% of its shares.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) shares reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $47.23 and last traded at $52.1290, with a volume of 688816 shares changing hands. The stock had previously closed at $52.00.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. HC Wainwright reaffirmed a "buy" rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Lifesci Capital raised Bright Minds Biosciences to a "strong-buy" rating in a research report on Monday, September 28th. Benchmark restated a "buy" rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. BTIG Research reaffirmed a "buy" rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Finally, Oppenheimer downgraded shares of Bright Minds Biosciences to a "market perform" rating in a report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $143.83.

Bright Minds Biosciences Trading Down 3.5%

The company has a market capitalization of $488.21 million, a price-to-earnings ratio of -24.12 and a beta of -5.22. The stock's 50 day moving average price is $67.61 and its 200 day moving average price is $73.17.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.22) by $1.05. On average, research analysts expect that Bright Minds Biosciences Inc. will post -2.93 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in DRUG. Janus Henderson Group PLC grew its stake in shares of Bright Minds Biosciences by 11.1% in the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company's stock valued at $93,518,000 after buying an additional 128,329 shares in the last quarter. Vivo Capital LLC raised its position in Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company's stock worth $40,657,000 after acquiring an additional 55,555 shares in the last quarter. Eventide Asset Management LLC acquired a new stake in Bright Minds Biosciences in the fourth quarter valued at $8,039,000. Walleye Capital LLC lifted its stake in Bright Minds Biosciences by 108.0% in the first quarter. Walleye Capital LLC now owns 53,706 shares of the company's stock valued at $3,919,000 after acquiring an additional 27,880 shares during the last quarter. Finally, Orbimed Advisors LLC acquired a new stake in Bright Minds Biosciences in the first quarter valued at $2,919,000. Institutional investors own 40.52% of the company's stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company's research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds' lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.

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