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

Key Points

• Bright Minds Biosciences shares fell 5.2% to approximately $67.44 in midday trading, with volume down 70% from the average session level.
• Despite the decline, analysts maintain a generally positive outlook: the stock has an average “Buy” rating and a consensus price target of $143.83, although Oppenheimer downgraded it to “market perform.”
• The clinical-stage biotech reported quarterly EPS of -$0.17, beating estimates of -$1.22, but analysts expect a full-year loss of roughly $2.93 per share; institutional investors own 40.52% of the stock.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) 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 - Get Free Report) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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