Eventide Asset Management LLC Takes Position in Bright Minds Biosciences Inc. $DRUG

Eventide Asset Management LLC purchased a new stake in Bright Minds Biosciences Inc. (NASDAQ:DRUG) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 103,013 shares of the company’s stock, valued at approximately $8,039,000.

A number of other institutional investors also recently modified their holdings of DRUG. Millennium Management LLC lifted its holdings in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares in the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of Bright Minds Biosciences in the first quarter valued at about $802,000. Geode Capital Management LLC bought a new stake in shares of Bright Minds Biosciences in the second quarter valued at about $1,502,000. JPMorgan Chase & Co. lifted its holdings in shares of Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new stake in shares of Bright Minds Biosciences in the second quarter valued at about $107,000. 40.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on DRUG. BTIG Research restated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. Piper Sandler restated an “overweight” rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Jefferies Financial Group initiated coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They set a “buy” rating and a $145.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.83.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock opened at $60.95 on Monday. The business has a fifty day simple moving average of $81.58 and a two-hundred day simple moving average of $80.57. Bright Minds Biosciences Inc. has a 1 year low of $23.17 and a 1 year high of $123.75. The company has a market capitalization of $593.04 million, a price-to-earnings ratio of -24.98 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.06. As a group, equities analysts anticipate that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current fiscal year.

Insider Transactions at Bright Minds Biosciences

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the completion of the sale, the insider owned 950,000 shares of the company’s stock, valued at $85,025,000. This trade represents a 10.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 42.66% of the stock is owned by corporate insiders.

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.