Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Down 6.2% – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s stock price traded down 6.2% on Friday . The stock traded as low as $76.64 and last traded at $75.5470. 35,419 shares traded hands during trading, a decline of 83% from the average session volume of 208,211 shares. The stock had previously closed at $80.57.

Analysts Set New Price Targets

A number of research analysts have weighed in on DRUG shares. Robert W. Baird set a $126.00 price objective on shares of Bright Minds Biosciences in a research report on Friday. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Chardan Capital reissued a “buy” rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. BTIG Research raised their price objective on shares of Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Finally, HC Wainwright restated a “buy” rating and set a $115.00 target price on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $117.00.

Bright Minds Biosciences Stock Performance

The company has a market cap of $757.46 million, a P/E ratio of -63.81 and a beta of -6.18. The business’s fifty day moving average is $83.34 and its two-hundred day moving average is $62.85.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Thursday, February 12th. The company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28. Analysts expect that Bright Minds Biosciences Inc. will post -1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several hedge funds have recently made changes to their positions in DRUG. Millennium Management LLC grew its position in shares of Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares in the last quarter. Goldman Sachs Group Inc. purchased a new stake in Bright Minds Biosciences in the first quarter worth about $802,000. AdvisorShares Investments LLC grew its holdings in Bright Minds Biosciences by 28.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock worth $378,000 after acquiring an additional 3,200 shares in the last quarter. Geode Capital Management LLC purchased a new position in Bright Minds Biosciences during the 2nd quarter valued at about $1,502,000. Finally, Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at about $28,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

About Bright Minds Biosciences

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.