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

Bright Minds Biosciences (NASDAQ:DRUG) issued its quarterly earnings results on Friday. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($1.28) by $1.11, Zacks reports.

Bright Minds Biosciences Stock Down 2.0%

DRUG traded down $1.56 during midday trading on Friday, reaching $76.44. The company had a trading volume of 151,386 shares, compared to its average volume of 230,080. The business has a 50-day moving average of $70.55 and a two-hundred day moving average of $77.17. Bright Minds Biosciences has a 1 year low of $38.00 and a 1 year high of $123.75. The company has a market cap of $743.76 million, a P/E ratio of -31.33 and a beta of -5.27.

Institutional Investors Weigh In On Bright Minds Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in Bright Minds Biosciences during the 4th quarter worth approximately $226,000. Invesco Ltd. bought a new position in Bright Minds Biosciences in the 4th quarter worth $328,000. Ikarian Capital LLC increased its stake in Bright Minds Biosciences by 933.1% in the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock worth $12,441,000 after buying an additional 143,990 shares in the last quarter. Wellington Management Group LLP bought a new stake in Bright Minds Biosciences during the fourth quarter valued at about $1,068,000. Finally, Millennium Management LLC lifted its position in shares of Bright Minds Biosciences by 153.6% in the fourth quarter. Millennium Management LLC now owns 194,437 shares of the company’s stock valued at $15,174,000 after acquiring an additional 117,756 shares in the last quarter. 40.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.