Bright Minds Biosciences Inc. $DRUG Shares Purchased by Janus Henderson Group PLC

Janus Henderson Group PLC boosted its stake in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 11.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,284,324 shares of the company’s stock after purchasing an additional 128,329 shares during the quarter. Janus Henderson Group PLC owned approximately 0.13% of Bright Minds Biosciences worth $93,518,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of DRUG. Vivo Capital LLC raised its position in Bright Minds Biosciences by 99.4% in the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after purchasing an additional 250,045 shares in the last quarter. MPM Bioimpact LLC acquired a new position in shares of Bright Minds Biosciences during the fourth quarter worth about $17,961,000. Balyasny Asset Management L.P. purchased a new stake in shares of Bright Minds Biosciences during the third quarter worth approximately $11,339,000. Millennium Management LLC increased its stake in shares of Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares during the period. Finally, Ikarian Capital LLC grew its holdings in Bright Minds Biosciences by 933.1% during the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock worth $12,441,000 after acquiring an additional 143,990 shares in the last quarter. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG opened at $73.26 on Friday. The company’s fifty day moving average price is $71.18 and its 200 day moving average price is $77.82. The firm has a market capitalization of $712.82 million, a P/E ratio of -30.02 and a beta of -5.34. Bright Minds Biosciences Inc. has a 12 month low of $31.80 and a 12 month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its 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. On average, sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -4.86 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on DRUG. Wall Street Zen raised shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. HC Wainwright restated a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Jefferies Financial Group started coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They set a “buy” rating and a $145.00 price objective for the company. Finally, Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $143.83.

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.