Short Interest in Bright Minds Biosciences Inc. (NASDAQ:DRUG) Declines By 72.4%

by · The Markets Daily

Bright Minds Biosciences Inc. (NASDAQ:DRUG – Get Free Report) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 322,600 shares, a decline of 72.4% from the October 15th total of 1,170,000 shares. Based on an average daily volume of 2,990,000 shares, the days-to-cover ratio is presently 0.1 days. Approximately 11.7% of the company’s stock are short sold.

Bright Minds Biosciences Stock Up 6.3 %

NASDAQ DRUG traded up $2.49 during trading hours on Wednesday, reaching $42.17. 207,634 shares of the company were exchanged, compared to its average volume of 905,986. The stock has a market capitalization of $186.81 million, a P/E ratio of -62.01 and a beta of -6.62. Bright Minds Biosciences has a 1 year low of $0.93 and a 1 year high of $79.02. The business’s 50 day simple moving average is $20.56 and its 200-day simple moving average is $7.90.

Bright Minds Biosciences (NASDAQ:DRUG – Get Free Report) last issued its quarterly earnings results on Wednesday, August 14th. The company reported $0.04 earnings per share (EPS) for the quarter.

Insider Buying and Selling

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of Bright Minds Biosciences stock in a transaction dated Tuesday, October 15th. The stock was bought at an average cost of $5.53 per share, with a total value of $2,060,428.23. Following the completion of the acquisition, the insider now directly owns 825,000 shares in the company, valued at approximately $4,562,250. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 42.66% of the stock is owned by corporate insiders.

About Bright Minds Biosciences

(Get Free Report)

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.

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