Bright Minds Biosciences (NASDAQ:DRUG) Shares Down 3.9% – Here’s What Happened

Shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) traded down 3.9% during trading on Monday . The company traded as low as $57.23 and last traded at $58.78. 260,946 shares traded hands during mid-day trading, an increase of 94% from the average session volume of 134,188 shares. The stock had previously closed at $61.18.

Wall Street Analyst Weigh In

Several research firms have commented on DRUG. Zacks Research raised Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Wall Street Zen downgraded Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. BTIG Research assumed coverage on Bright Minds Biosciences in a report on Monday, September 8th. They set a “buy” rating and a $72.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research note on Wednesday, July 2nd. Finally, HC Wainwright reiterated a “buy” rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company’s stock. According to MarketBeat, Bright Minds Biosciences has an average rating of “Buy” and a consensus target price of $81.00.

Bright Minds Biosciences Trading Down 3.9%

The company’s 50-day moving average price is $51.85 and its two-hundred day moving average price is $38.01. The company has a market cap of $413.81 million, a P/E ratio of -63.20 and a beta of -6.17.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.06. As a group, analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current year.

Institutional Trading of Bright Minds Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. bought a new stake in shares of Bright Minds Biosciences during the 1st quarter valued at about $802,000. Adage Capital Partners GP L.L.C. grew its stake in Bright Minds Biosciences by 50.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock worth $7,214,000 after buying an additional 67,500 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new position in Bright Minds Biosciences during the 1st quarter worth $505,000. Millennium Management LLC grew its stake in 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 during the last quarter. Finally, Geode Capital Management LLC bought a new position in Bright Minds Biosciences during the 2nd quarter worth $1,502,000. Institutional investors own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.