Bright Minds Biosciences (NASDAQ:DRUG) Sees Large Volume Increase – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) shares saw unusually-strong trading volume on Wednesday . Approximately 355,033 shares traded hands during mid-day trading, an increase of 87% from the previous session’s volume of 189,967 shares.The stock last traded at $77.08 and had previously closed at $76.78.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on DRUG shares. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Monday. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. BTIG Research reaffirmed a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Jefferies Financial Group started coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They issued a “buy” rating and a $145.00 price objective for the company. Finally, Robert W. Baird set a $126.00 price objective on shares of Bright Minds Biosciences in a research note on Friday, February 13th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Bright Minds Biosciences has an average rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Stock Performance

The business’s 50 day simple moving average is $82.47 and its 200-day simple moving average is $80.31. The company has a market cap of $729.46 million, a price-to-earnings ratio of -30.73 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. Research analysts expect that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current year.

Insider Activity

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the completion of the sale, the insider owned 950,000 shares of the company’s stock, valued at $85,025,000. This trade represents a 10.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 42.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bright Minds Biosciences

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after buying an additional 372 shares during the period. Russell Investments Group Ltd. bought a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at $58,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at $73,000. JPMorgan Chase & Co. raised its holdings in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences during the 2nd quarter valued at $66,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

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.