Bright Minds Biosciences Inc. (NASDAQ:DRUG) Sees Significant Decrease in Short Interest

Posted by Latisha Jones on Nov 14th, 2024

Bright Minds Biosciences Inc. (NASDAQ:DRUG – Get Free Report) saw a significant decline in short interest in 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 currently 0.1 days. Currently, 11.7% of the shares of the company are short sold.

Insider Buying and Selling at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was purchased at an average cost of $5.53 per share, for a total transaction of $2,060,428.23. Following the acquisition, the insider now owns 825,000 shares of the company’s stock, valued at $4,562,250. The trade was a 82.36 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 42.66% of the stock is currently owned by company insiders.

Bright Minds Biosciences Stock Performance

Bright Minds Biosciences stock traded up $0.78 during midday trading on Thursday, reaching $42.95. The stock had a trading volume of 216,158 shares, compared to its average volume of 902,854. The stock’s 50-day simple moving average is $21.39 and its 200 day simple moving average is $8.14. The stock has a market capitalization of $190.27 million, a PE ratio of -63.16 and a beta of -6.62. Bright Minds Biosciences has a twelve month low of $0.93 and a twelve month high of $79.02.

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

Bright Minds Biosciences Company Profile

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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.