Bright Minds Biosciences (NASDAQ:DRUG) Stock Price Down 4.3% – Here’s Why

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was down 4.3% during trading on Wednesday . The company traded as low as $37.26 and last traded at $38.03. Approximately 102,807 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 832,857 shares. The stock had previously closed at $39.75.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Baird R W upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a research report on Monday, November 25th. Robert W. Baird began coverage on shares of Bright Minds Biosciences in a research report on Monday, November 25th. They set an “outperform” rating and a $75.00 price target on the stock.

Bright Minds Biosciences Stock Down 1.2 %

The company has a market capitalization of $171.37 million, a P/E ratio of -56.84 and a beta of -7.06. The firm has a fifty day simple moving average of $40.30 and a 200-day simple moving average of $14.72.

Insider Buying and Selling at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were purchased at an average price of $5.53 per share, for a total transaction of $2,060,428.23. Following the purchase, the insider now owns 825,000 shares of the company’s stock, valued at approximately $4,562,250. The trade was a 82.36 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.