Bright Minds Biosciences (NASDAQ:DRUG) Sets New 1-Year Low – Here’s What Happened

Bright Minds Biosciences Inc. (NASDAQ:DRUG)’s stock price reached a new 52-week low during trading on Monday. The stock traded as low as $18.90 and last traded at $26.20, with a volume of 1,823,392 shares traded. The stock had previously closed at $54.98.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DRUG. HC Wainwright restated a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, August 19th. Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Robert W. Baird decreased their price objective on Bright Minds Biosciences from $126.00 to $107.00 and set an “outperform” rating for the company in a report on Tuesday. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Finally, Oppenheimer downgraded Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Bright Minds Biosciences has an average rating of “Moderate Buy” and an average target price of $126.29.

Bright Minds Biosciences Price Performance

The stock has a fifty day moving average of $55.84 and a 200 day moving average of $72.30. The firm has a market capitalization of $184.18 million, a P/E ratio of -9.10 and a beta of -5.11.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. Equities analysts forecast that Bright Minds Biosciences Inc. will post -2.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC raised its position in Bright Minds Biosciences by 11.1% in the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after acquiring an additional 128,329 shares during the period. Vivo Capital LLC boosted its stake in Bright Minds Biosciences by 11.1% in the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after acquiring an additional 55,555 shares during the last quarter. Walleye Capital LLC boosted its stake in Bright Minds Biosciences by 108.0% in the first quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock valued at $3,919,000 after acquiring an additional 27,880 shares during the last quarter. Orbimed Advisors LLC bought a new position in shares of Bright Minds Biosciences during the 1st quarter valued at approximately $2,919,000. Finally, ADAR1 Capital Management LLC grew its position in shares of Bright Minds Biosciences by 868.6% during the 1st quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock valued at $2,474,000 after acquiring an additional 30,400 shares during the period. Institutional investors own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc is a biotechnology company focused on developing novel treatments for neurological and psychiatric disorders. The company’s research is centered on serotonergic compounds designed to provide therapeutic benefits associated with psychedelic medicines while potentially reducing unwanted effects such as hallucinations and cardiovascular or behavioral complications.

Bright Minds’ pipeline includes BMB-101, a selective serotonin 5-HT2C receptor agonist being developed for conditions including substance use disorders.