Bright Minds Biosciences Inc. (NASDAQ:DRUG) Short Interest Update

Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 181,500 shares, an increase of 149.7% from the August 15th total of 72,700 shares. Approximately 6.3% of the company’s stock are sold short. Based on an average daily volume of 101,200 shares, the days-to-cover ratio is currently 1.8 days.

Institutional Investors Weigh In On Bright Minds Biosciences

An institutional investor recently raised its position in Bright Minds Biosciences stock. AdvisorShares Investments LLC raised its holdings in Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 12.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,119 shares of the company’s stock after buying an additional 20,189 shares during the period. AdvisorShares Investments LLC owned about 4.25% of Bright Minds Biosciences worth $273,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Performance

Shares of DRUG opened at $1.28 on Friday. Bright Minds Biosciences has a 1 year low of $0.93 and a 1 year high of $2.39. The stock has a market capitalization of $5.65 million, a PE ratio of -1.26 and a beta of 1.54. The stock has a 50-day simple moving average of $1.11 and a 200-day simple moving average of $1.17.

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