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

Bright Minds Biosciences Inc. (NASDAQ:DRUG) was the target of a significant 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 daily volume of 2,890,000 shares, the days-to-cover ratio is currently 0.4 days. Currently, 38.2% of the company’s shares are short sold.

Bright Minds Biosciences Stock Performance

Shares of Bright Minds Biosciences stock opened at $48.94 on Friday. Bright Minds Biosciences has a 52 week low of $0.93 and a 52 week high of $79.02. The stock has a 50 day moving average price of $8.51 and a two-hundred day moving average price of $3.69. The stock has a market capitalization of $217.00 million, a PE ratio of -48.46 and a beta of 1.56.

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

Insiders Place Their Bets

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp bought 372,591 shares of the stock in a transaction on Tuesday, October 15th. The stock was acquired at an average cost of $5.53 per share, for a total transaction of $2,060,428.23. Following the completion of the acquisition, the insider now owns 825,000 shares in the company, valued at $4,562,250. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 42.66% of the stock is currently owned by corporate insiders.

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.