Coach Kevin Dineen said Bjugstad was injured in the last game of the Panthers prospect tournament last weekend.
"Nick has been diagnosed with a concussion that started at rookie camp and he's going through the NHL concussion protocol right now," Dineen said. "It happened a little bit toward the end of the third game and he was feeling good. Unfortunately, that's the sport. He's under care by our medical staff and it's a daily evaluation. That's where he's at."
Bjugstad had four goals in three games in the tournament, including a hat trick on Saturday in a 5-4 victory against the Boston Bruins. Bjugstad also had Florida's only goal in a 2-1 loss against the Tampa Bay Lightning on Sunday before was he was injured.
A 2010 first-round pick, Bjugstad had one goal in 11 games with the Panthers last season after he concluded his career at the University of Minnesota.
One player who did take part in practice was veteran defenseman Ed Jovanovski, who underwent hip surgery on April 5.
Neither the team nor Jovanovski will predict when he will be ready to play in a game, but the 37-year-old Panthers captain said he was determined to play again.
"I'm at the six-month mark right now. I never thought I'd be out there at the start of training camp, but everything has progressed well," Jovanovski said. "I feel like I'm ready to take that next step. Whenever that next step comes, the next week or so, a lot of questions will be answered at that time."