Bright Minds Biosciences (NASDAQ:DRUG) Posts Earnings Results, Beats Estimates By $0.28 EPS

by · The Markets Daily

Bright Minds Biosciences (NASDAQ:DRUG – Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($0.70) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.98) by $0.28, Zacks reports.

Bright Minds Biosciences Stock Performance

DRUG stock traded down $1.67 during midday trading on Friday, reaching $78.90. The stock had a trading volume of 26,676 shares, compared to its average volume of 208,093. The firm has a fifty day simple moving average of $83.34 and a two-hundred day simple moving average of $62.85. Bright Minds Biosciences has a 52-week low of $23.17 and a 52-week high of $123.75. The stock has a market cap of $767.66 million, a PE ratio of -65.00 and a beta of -6.18.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DRUG. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. BTIG Research boosted their price target on Bright Minds Biosciences from $72.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research report on Friday. Chardan Capital reiterated a “buy” rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Finally, Zacks Research lowered shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $117.00.

View Our Latest Analysis on DRUG

Institutional Investors Weigh In On Bright Minds Biosciences

A number of large investors have recently bought and sold shares of the company. Vivo Capital LLC raised its position in Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after buying an additional 250,045 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after purchasing an additional 152,178 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in Bright Minds Biosciences during the third quarter valued at $11,339,000. Acuta Capital Partners LLC boosted its holdings in Bright Minds Biosciences by 75.1% in the third quarter. Acuta Capital Partners LLC now owns 84,875 shares of the company’s stock valued at $5,149,000 after purchasing an additional 36,401 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Bright Minds Biosciences by 13.0% during the 4th quarter. State Street Corp now owns 77,278 shares of the company’s stock valued at $6,031,000 after buying an additional 8,890 shares during the last quarter. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

(Get Free Report)

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.

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