Bright Minds Biosciences (NASDAQ:DRUG) Issues Quarterly Earnings Results, Beats Expectations By $1.11 EPS

Bright Minds Biosciences (NASDAQ:DRUG) issued its earnings results on Friday. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($1.28) by $1.11, Zacks reports.

Bright Minds Biosciences Price Performance

DRUG opened at $76.44 on Friday. Bright Minds Biosciences has a 12 month low of $38.00 and a 12 month high of $123.75. The stock has a market capitalization of $743.91 million, a P/E ratio of -36.75 and a beta of -5.27. The business has a 50 day simple moving average of $70.69 and a 200-day simple moving average of $77.16.

Institutional Trading of Bright Minds Biosciences

Large investors have recently modified their holdings of the business. Janus Henderson Group PLC lifted its stake in Bright Minds Biosciences by 0.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,155,995 shares of the company’s stock valued at $90,832,000 after buying an additional 10,335 shares in the last quarter. Vivo Capital LLC boosted its stake in shares of Bright Minds Biosciences by 99.4% during the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after acquiring an additional 250,045 shares during the last quarter. Braidwell LP increased its position in Bright Minds Biosciences by 6.8% during the 4th quarter. Braidwell LP now owns 324,358 shares of the company’s stock worth $25,313,000 after purchasing an additional 20,673 shares in the last quarter. MPM Bioimpact LLC acquired a new position in Bright Minds Biosciences in the 4th quarter valued at about $17,961,000. Finally, Balyasny Asset Management L.P. lifted its holdings in Bright Minds Biosciences by 20.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 225,412 shares of the company’s stock valued at $17,591,000 after purchasing an additional 38,490 shares in the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on DRUG shares. HC Wainwright reissued a “buy” rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Piper Sandler reissued an “overweight” rating and issued a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $143.83.

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.