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

Posted by Oscar Bower on Nov 14th, 2024

Bright Minds Biosciences Inc. (NASDAQ:DRUG – Get Free Report) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 322,600 shares, a decrease of 72.4% from the October 15th total of 1,170,000 shares. Currently, 11.7% of the shares of the company are sold short. Based on an average trading volume of 2,990,000 shares, the short-interest ratio is currently 0.1 days.

Insider Activity

In other news, major shareholder Cormorant Asset Management, Lp acquired 372,591 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were acquired at an average price of $5.53 per share, for a total transaction of $2,060,428.23. Following the completion of the purchase, the insider now owns 825,000 shares in the company, valued at approximately $4,562,250. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 42.66% of the stock is currently owned by corporate insiders.

Bright Minds Biosciences Stock Up 6.3 %

Bright Minds Biosciences stock traded up $2.49 during trading on Wednesday, hitting $42.17. The stock had a trading volume of 207,634 shares, compared to its average volume of 905,986. The stock has a market cap of $186.81 million, a price-to-earnings ratio of -62.01 and a beta of -6.62. The stock’s 50 day moving average is $20.56 and its two-hundred day moving average is $7.90. Bright Minds Biosciences has a 1 year low of $0.93 and a 1 year high of $79.02.

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

Bright Minds Biosciences Company Profile

(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.