Bright Minds Biosciences (NASDAQ:DRUG) Trading Down 4.3% – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s share price dropped 4.3% on Wednesday . The company traded as low as $37.26 and last traded at $38.03. Approximately 102,807 shares changed hands during trading, a decline of 88% from the average daily volume of 832,857 shares. The stock had previously closed at $39.75.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on DRUG. Robert W. Baird assumed coverage on shares of Bright Minds Biosciences in a report on Monday, November 25th. They issued an “outperform” rating and a $75.00 price objective for the company. Baird R W raised Bright Minds Biosciences to a “strong-buy” rating in a report on Monday, November 25th.

Bright Minds Biosciences Trading Down 1.2 %

The firm has a fifty day moving average price of $40.30 and a 200 day moving average price of $14.72. The firm has a market capitalization of $171.37 million, a price-to-earnings ratio of -56.84 and a beta of -7.06.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was bought 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 directly owns 825,000 shares in the company, valued at $4,562,250. The trade was a 82.36 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 42.66% of the stock is currently owned by company insiders.

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.