33,407 Shares in Bright Minds Biosciences Inc. $DRUG Acquired by Artia Global Partners LP

Artia Global Partners LP acquired a new position in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 33,407 shares of the company’s stock, valued at approximately $2,607,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Royal Bank of Canada boosted its position in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Bright Minds Biosciences by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock worth $973,000 after purchasing an additional 861 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $73,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after purchasing an additional 1,873 shares during the period. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Insider Buying and Selling

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total value of $9,785,124.50. Following the completion of the transaction, 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 filing with the SEC, which is available at this link. 42.66% of the stock is owned by corporate insiders.

Bright Minds Biosciences Stock Down 0.5%

Shares of DRUG stock opened at $59.52 on Thursday. Bright Minds Biosciences Inc. has a 52 week low of $23.17 and a 52 week high of $123.75. The stock has a market capitalization of $579.13 million, a PE ratio of -24.39 and a beta of -5.53. The firm has a 50 day moving average of $80.79 and a two-hundred day moving average of $80.43.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.06. Analysts expect that Bright Minds Biosciences Inc. will post -4.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DRUG has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Jefferies Financial Group started coverage on shares of 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. HC Wainwright reissued a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Finally, BTIG Research reissued a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.