Short Interest in Bright Minds Biosciences Inc. (NASDAQ:DRUG) Grows By 1,274.9%

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totalling 1,170,000 shares, an increase of 1,274.9% from the September 30th total of 85,100 shares. Based on an average trading volume of 2,890,000 shares, the days-to-cover ratio is presently 0.4 days. Approximately 38.2% of the company’s stock are short sold.

Bright Minds Biosciences Stock Performance

Bright Minds Biosciences stock traded down $0.56 during mid-day trading on Friday, reaching $48.94. The company’s stock had a trading volume of 946,421 shares, compared to its average volume of 934,862. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02. The firm’s fifty day moving average price is $8.51 and its two-hundred day moving average price is $3.67. The company has a market capitalization of $217.00 million, a P/E ratio of -48.46 and a beta of 1.56.

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

Insider Transactions at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was 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 in the company, valued at $4,562,250. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 42.66% of the company’s stock.

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.