Bright Minds Biosciences (NASDAQ:DRUG) Posts Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Bright Minds Biosciences (NASDAQ:DRUG) announced its earnings results on Thursday. The company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28, Zacks reports.

Bright Minds Biosciences Trading Down 2.9%

Shares of DRUG traded down $2.33 during midday trading on Friday, reaching $78.25. 29,519 shares of the stock were exchanged, compared to its average volume of 208,179. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $123.75. The company’s 50 day moving average is $83.34 and its two-hundred day moving average is $62.85. The company has a market capitalization of $761.32 million, a P/E ratio of -64.13 and a beta of -6.18.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DRUG. HC Wainwright reiterated a “buy” rating and issued a $115.00 price target on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Robert W. Baird set a $126.00 target price on Bright Minds Biosciences in a research report on Friday. Chardan Capital reaffirmed a “buy” rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a report on Friday, January 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Finally, Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $117.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its holdings in Bright Minds Biosciences by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after purchasing an additional 861 shares during the last quarter. State Street Corp lifted its position in Bright Minds Biosciences by 13.0% during the fourth quarter. State Street Corp now owns 77,278 shares of the company’s stock worth $6,031,000 after buying an additional 8,890 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Bright Minds Biosciences by 95.4% in the 4th quarter. Wells Fargo & Company MN now owns 5,523 shares of the company’s stock valued at $431,000 after buying an additional 2,697 shares during the period. Deutsche Bank AG raised its position in Bright Minds Biosciences by 588.0% in the fourth quarter. Deutsche Bank AG now owns 4,259 shares of the company’s stock valued at $332,000 after purchasing an additional 3,640 shares during the period. Finally, Goldman Sachs Group Inc. acquired a new position in Bright Minds Biosciences in the fourth quarter valued at about $3,789,000. 40.52% of the stock is currently owned by institutional investors.

Bright Minds Biosciences Company Profile

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.