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

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

Bright Minds Biosciences Stock Performance

Shares of NASDAQ DRUG traded down $2.08 during trading hours on Friday, hitting $47.42. 830,271 shares of the stock were exchanged, compared to its average volume of 934,324. The company’s fifty day simple moving average is $7.55 and its two-hundred day simple moving average is $3.34. The company has a market cap of $210.26 million, a PE ratio of -46.25 and a beta of 1.56. Bright Minds Biosciences has a 1-year low of $0.93 and a 1-year high of $79.02.

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

Insiders Place Their Bets

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

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.