Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 5.9% - Here's What Happened

Key Points

• Bright Minds Biosciences shares fell 5.9% to about $51.93, with trading volume down 54% from the average session.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $144.71, despite Oppenheimer’s “market perform” downgrade.
• The company reported quarterly EPS of -$0.17, beating estimates of -$1.22, while institutional investors own 40.52% of the stock.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) dropped 5.9% during mid-day trading on Wednesday. The stock traded as low as $52.50 and last traded at $51.9250. 94,695 shares traded hands during trading, a decline of 54% from the average session volume of 205,206 shares. The stock had previously closed at $55.20.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Wolfe Research assumed coverage on shares of Bright Minds Biosciences in a report on Thursday, October 15th. They issued an "outperform" rating and a $150.00 target price on the stock. HC Wainwright reissued a "buy" rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Benchmark restated a "buy" rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Oppenheimer downgraded Bright Minds Biosciences to a "market perform" rating in a research report on Thursday, August 20th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $144.71.

Bright Minds Biosciences Stock Performance

The company has a market capitalization of $496.86 million, a price-to-earnings ratio of -24.55 and a beta of -5.22. The firm's 50-day simple moving average is $63.14 and its 200-day simple moving average is $71.97.

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

Institutional Trading of Bright Minds Biosciences

A number of hedge funds have recently modified their holdings of the company. Strs Ohio lifted its position in Bright Minds Biosciences by 200.0% in the first quarter. Strs Ohio now owns 2,700 shares of the company's stock worth $197,000 after purchasing an additional 1,800 shares during the period. Engineers Gate Manager LP bought a new stake in Bright Minds Biosciences in the 2nd quarter valued at $380,000. Seven Fleet Capital Management LP bought a new stake in Bright Minds Biosciences in the 1st quarter valued at $467,000. Sei Investments Co. acquired a new position in shares of Bright Minds Biosciences in the 1st quarter valued at $816,000. Finally, AdvisorShares Investments LLC raised its stake in shares of Bright Minds Biosciences by 26.8% in the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company's stock valued at $920,000 after buying an additional 2,669 shares in the last quarter. 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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