Seven Grand Managers LLC Invests $3.90 Million in Bright Minds Biosciences Inc. $DRUG

Seven Grand Managers LLC bought a new position in Bright Minds Biosciences Inc. (NASDAQ:DRUG) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 50,000 shares of the company’s stock, valued at approximately $3,902,000. Seven Grand Managers LLC owned approximately 0.51% of Bright Minds Biosciences at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Bright Minds Biosciences in the 3rd quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth $66,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Bright Minds Biosciences in the 3rd quarter worth $73,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth $107,000. Institutional investors own 40.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DRUG. Wall Street Zen lowered shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. BTIG Research restated a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a research report on Friday, February 13th. HC Wainwright increased their price target on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Finally, Piper Sandler restated an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $143.83.

Insider Buying and Selling

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the sale, the insider directly owned 950,000 shares of the company’s stock, valued at $85,025,000. This represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 42.66% of the stock is currently owned by company insiders.

Bright Minds Biosciences Stock Performance

DRUG opened at $87.04 on Thursday. The firm has a market cap of $847.07 million, a P/E ratio of -35.67 and a beta of -5.35. The firm has a 50-day moving average of $81.39 and a 200 day moving average of $79.39. Bright Minds Biosciences Inc. has a fifty-two week low of $23.17 and a fifty-two week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.06. Equities research analysts predict that Bright Minds Biosciences Inc. will post -4.99 earnings per share for the current fiscal year.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, trading on the NASDAQ under the symbol DRUG, is a clinical-stage biotechnology company focused on developing novel small-molecule therapeutics for mental health and neurodegenerative disorders. The company’s research leverages proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds derived from psychedelic-inspired structures. Bright Minds aims to address unmet needs in conditions such as major depressive disorder, post-traumatic stress disorder and Alzheimer’s disease through orally administered treatments.

The company’s lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound in clinical development for mood and anxiety disorders.