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

Bright Minds Biosciences Inc. (NASDAQ:DRUG) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 322,600 shares, a drop 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. Approximately 11.7% of the shares of the stock are short sold.

Insider Buying and Selling

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

Bright Minds Biosciences Stock Up 6.3 %

Shares of DRUG stock traded up $2.49 on Wednesday, reaching $42.17. The company’s stock had a trading volume of 207,634 shares, compared to its average volume of 905,986. The company has a market capitalization of $186.81 million, a P/E ratio of -62.01 and a beta of -6.62. Bright Minds Biosciences has a 12-month low of $0.93 and a 12-month high of $79.02. The stock’s 50 day simple moving average is $20.56 and its 200-day simple moving average is $7.90.

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

About Bright Minds Biosciences

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.