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

Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw a large 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. Based on an average daily trading volume, of 2,990,000 shares, the short-interest ratio is presently 0.1 days. Currently, 11.7% of the company’s stock are sold short.

Insider Activity at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp purchased 372,591 shares of the 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 completion of the acquisition, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 42.66% of the stock is currently owned by corporate insiders.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ:DRUG traded up $0.78 during midday trading on Thursday, hitting $42.95. The company’s stock had a trading volume of 216,158 shares, compared to its average volume of 902,854. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02. The company has a market cap of $190.27 million, a P/E ratio of -63.16 and a beta of -6.62. The business’s 50 day simple moving average is $21.39 and its 200 day simple moving average is $8.14.

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

Bright Minds Biosciences Company Profile

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.