Bright Minds Biosciences (NASDAQ:DRUG) Trading Down 6.9% - Here's What Happened

Key Points

• Bright Minds Biosciences shares fell 6.9% to about $53.92, with trading volume 66% below the average daily level.
• Analyst sentiment remains positive overall, with seven Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $143.83. However, Oppenheimer and Zacks Research recently downgraded the stock to Market Perform and Hold, respectively.
• The company reported a quarterly loss of $0.17 per share, beating the consensus estimate for a $1.22 loss, while institutional investors and hedge funds own approximately 40.5% of its shares.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) shares were down 6.9% on Thursday . The stock traded as low as $53.77 and last traded at $53.92. 70,968 shares were traded during trading, a decline of 66% from the average daily volume of 210,218 shares. The stock had previously closed at $57.92.

Analyst Ratings Changes

Several research firms recently issued reports on DRUG. Oppenheimer cut Bright Minds Biosciences to a "market perform" rating in a report on Thursday, August 20th. BTIG Research reissued a "buy" rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, August 17th. Wall Street Zen upgraded Bright Minds Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, August 22nd. Zacks Research lowered shares of Bright Minds Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 15th. Finally, Benchmark reiterated a "buy" rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $143.83.

Bright Minds Biosciences Stock Down 7.3%

The firm has a 50-day moving average price of $72.19 and a 200 day moving average price of $74.85. The firm has a market capitalization of $522.52 million, a PE ratio of -25.81 and a beta of -5.36.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last posted its earnings results on Monday, August 17th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.22) by $1.05. Equities research analysts expect that Bright Minds Biosciences Inc. will post -2.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC boosted its position in Bright Minds Biosciences by 11.1% in the 1st 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 during the period. Vivo Capital LLC raised its stake in shares of Bright Minds Biosciences by 11.1% in the first quarter. Vivo Capital LLC now owns 557,172 shares of the company's stock valued at $40,657,000 after acquiring an additional 55,555 shares in the last quarter. Eventide Asset Management LLC purchased a new position in Bright Minds Biosciences in the fourth quarter valued at $8,039,000. Walleye Capital LLC increased its holdings in Bright Minds Biosciences by 108.0% during the 1st quarter. Walleye Capital LLC now owns 53,706 shares of the company's stock worth $3,919,000 after purchasing an additional 27,880 shares during the period. Finally, Seven Grand Managers LLC acquired a new stake in Bright Minds Biosciences in the 4th quarter valued at about $3,902,000. Institutional investors and hedge funds own 40.52% of the company's stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapies for neuropsychiatric and neurological disorders. The company's research centers on selective serotonin receptor agonists designed to address conditions such as treatment-resistant depression, substance use disorders and other disorders involving disrupted brain signaling.

Bright Minds' lead program, BMB-101, is an orally administered, selective 5-HT2C receptor agonist being developed as a potential treatment for conditions including substance use disorder and related neuropsychiatric indications.

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