Bright Minds Biosciences (NASDAQ:DRUG) Trading Down 0.8% - Here's Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) fell 0.8% on Friday . The stock traded as low as $35.62 and last traded at $35.78. 30,403 shares changed hands during trading, a decline of 96% from the average session volume of 822,578 shares. The stock had previously closed at $36.06.

Analyst Ratings Changes

Several research firms have recently weighed in on DRUG. Cantor Fitzgerald began coverage on Bright Minds Biosciences in a report on Friday, January 10th. They set an "overweight" rating on the stock. Baird R W raised Bright Minds Biosciences to a "strong-buy" rating in a report on Monday, November 25th. Piper Sandler started coverage on Bright Minds Biosciences in a report on Thursday, January 23rd. They set an "overweight" rating and a $93.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, February 19th. Finally, Robert W. Baird started coverage on Bright Minds Biosciences in a report on Monday, November 25th. They issued an "outperform" rating and a $75.00 target price on the stock. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Bright Minds Biosciences has an average rating of "Buy" and an average price target of $84.33.

Bright Minds Biosciences Stock Down 1.7 %

The stock has a fifty day simple moving average of $36.75 and a 200 day simple moving average of $30.65. The firm has a market capitalization of $251.26 million, a P/E ratio of -209.81 and a beta of -6.45.

Remove Ads

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.01 EPS for the quarter, beating analysts' consensus estimates of ($0.23) by $0.24. Research analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRUG. Bank of America Corp DE purchased a new position in Bright Minds Biosciences in the fourth quarter worth about $173,000. Jane Street Group LLC bought a new stake in Bright Minds Biosciences in the fourth quarter worth about $238,000. Atika Capital Management LLC bought a new stake in Bright Minds Biosciences in the fourth quarter worth about $540,000. Millennium Management LLC bought a new stake in Bright Minds Biosciences in the fourth quarter worth about $1,454,000. Finally, Boothbay Fund Management LLC bought a new stake in Bright Minds Biosciences in the fourth quarter worth about $1,606,000. Hedge funds and other institutional investors own 40.52% of the company's stock.

Bright Minds Biosciences Company Profile

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.