Bright Minds Biosciences (NASDAQ:DRUG) Releases Quarterly Earnings Results

Bright Minds Biosciences (NASDAQ:DRUG) announced its quarterly earnings results on Monday. The company reported ($0.12) earnings per share for the quarter, Zacks reports.

Bright Minds Biosciences Stock Down 2.3 %

Shares of Bright Minds Biosciences stock opened at $36.02 on Wednesday. Bright Minds Biosciences has a 52-week low of $0.93 and a 52-week high of $79.02. The company has a market capitalization of $159.71 million, a P/E ratio of -52.97 and a beta of -7.06. The company has a 50 day moving average of $41.71 and a 200 day moving average of $17.00.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Baird R W upgraded Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th. Robert W. Baird started coverage on shares of Bright Minds Biosciences in a research note on Monday, November 25th. They set an “outperform” rating and a $75.00 target price for the company.

Insider Buying and Selling

In related news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were purchased at an average cost of $5.53 per share, with a total value of $2,060,428.23. Following the transaction, the insider now directly owns 825,000 shares of the company’s stock, valued at approximately $4,562,250. This represents a 82.36 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 42.66% 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.