Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 4.3% - Time to Sell?

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report)'s stock price traded down 4.3% on Wednesday . The company traded as low as $37.26 and last traded at $38.03. 102,807 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 832,857 shares. The stock had previously closed at $39.75.

Analysts Set New Price Targets

A number of brokerages have commented on DRUG. Robert W. Baird started coverage on shares of Bright Minds Biosciences in a research report on Monday, November 25th. They set an "outperform" rating and a $75.00 price target on the stock. Baird R W raised shares of Bright Minds Biosciences to a "strong-buy" rating in a report on Monday, November 25th.

Bright Minds Biosciences Price Performance

The stock has a market capitalization of $173.41 million, a P/E ratio of -57.51 and a beta of -7.06. The stock has a 50 day moving average price of $39.54 and a 200-day moving average price of $14.55.

Insider Buying and Selling

In other news, major shareholder Cormorant Asset Management, Lp acquired 372,591 shares of the firm's stock in a transaction on Tuesday, October 15th. The shares were purchased at an average price of $5.53 per share, for a total transaction of $2,060,428.23. Following the completion of the transaction, the insider now owns 825,000 shares of the company's stock, valued at $4,562,250. The trade was a 82.36 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 42.66% of the stock is owned by corporate insiders.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.