Bright Minds Biosciences Inc. $DRUG Shares Sold by Braidwell LP

Braidwell LP reduced its holdings in Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 10.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 483,822 shares of the company’s stock after selling 55,886 shares during the quarter. Braidwell LP’s holdings in Bright Minds Biosciences were worth $33,964,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in Bright Minds Biosciences during the 2nd quarter worth $1,046,000. Seven Fleet Capital Management LP bought a new position in shares of Bright Minds Biosciences in the first quarter worth $467,000. Vivo Capital LLC increased its holdings in shares of Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after purchasing an additional 55,555 shares during the period. Bank of America Corp DE increased its holdings in shares of Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after purchasing an additional 4,347 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Bright Minds Biosciences by 11.1% during the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after purchasing an additional 128,329 shares in the last quarter. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Up 0.4%

Shares of DRUG stock opened at $71.12 on Thursday. The stock has a 50-day simple moving average of $74.43 and a 200 day simple moving average of $76.99. The stock has a market capitalization of $692.14 million, a P/E ratio of -34.19 and a beta of -5.35. Bright Minds Biosciences Inc. has a fifty-two week low of $38.23 and a fifty-two week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Monday, August 17th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. On average, sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -2.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DRUG has been the subject of several research analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a report on Monday, August 17th. Benchmark reissued a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Piper Sandler reaffirmed an “overweight” rating and issued a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Finally, Wall Street Zen upgraded shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $143.83.

Bright Minds Biosciences Profile

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.