Bright Minds Biosciences (NASDAQ:DRUG – Get Free Report) issued its earnings results on Tuesday. The company reported ($0.80) EPS for the quarter, topping the consensus estimate of ($0.87) by $0.07, Zacks reports.
Bright Minds Biosciences Stock Down 0.6%
Shares of DRUG traded down $0.46 during midday trading on Tuesday, reaching $74.54. 234,765 shares of the stock were exchanged, compared to its average volume of 177,722. Bright Minds Biosciences has a twelve month low of $23.17 and a twelve month high of $123.75. The company has a market cap of $725.42 million, a P/E ratio of -38.62 and a beta of -5.35. The stock’s 50 day simple moving average is $80.37 and its 200 day simple moving average is $77.94.
Insider Buying and Selling at Bright Minds Biosciences
In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences stock in a transaction on Tuesday, April 28th. The stock was 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 approximately $85,025,000. This trade represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 42.66% of the company’s stock.
Institutional Investors Weigh In On Bright Minds Biosciences
Analyst Ratings Changes
Several brokerages have recently commented on DRUG. Robert W. Baird set a $126.00 target price on Bright Minds Biosciences in a research note on Friday, February 13th. HC Wainwright lifted their target price on Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Jefferies Financial Group assumed coverage on Bright Minds Biosciences in a research note on Monday, April 13th. They set a “buy” rating and a $145.00 target price for the company. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Finally, BTIG Research restated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $128.60.
View Our Latest Research Report on DRUG
Bright Minds Biosciences Company Profile
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.
Read More
- Five stocks we like better than Bright Minds Biosciences
- HIVE Weaponizes Power for an AI Pivot
- A Deep Dive Into NVIDIA’s Latest Portfolio Moves
- Brady Corp Wires Up a Massive AI-Powered Breakout
- Why Home Depot’s Sell-Off Could Become a Huge Opportunity
Receive News & Ratings for Bright Minds Biosciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bright Minds Biosciences and related companies with MarketBeat.com's FREE daily email newsletter.
