44,580 Shares in Bright Minds Biosciences Inc. (NASDAQ:DRUG) Purchased by Boothbay Fund Management LLC

Boothbay Fund Management LLC acquired a new stake in Bright Minds Biosciences Inc. (NASDAQ:DRUG) in the 4th quarter, according to the company in its most recent filing with the SEC. The firm acquired 44,580 shares of the company’s stock, valued at approximately $1,606,000. Boothbay Fund Management LLC owned about 1.01% of Bright Minds Biosciences as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Vivo Capital LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at approximately $9,062,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Bright Minds Biosciences during the 4th quarter valued at $4,773,000. Walleye Capital LLC bought a new stake in shares of Bright Minds Biosciences during the 4th quarter worth $3,717,000. Springhill Fund Asset Management HK Co Ltd purchased a new position in shares of Bright Minds Biosciences in the 4th quarter worth about $2,185,000. Finally, Atika Capital Management LLC purchased a new stake in Bright Minds Biosciences during the fourth quarter worth about $540,000. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Performance

Shares of DRUG opened at $32.18 on Tuesday. Bright Minds Biosciences Inc. has a 52-week low of $0.93 and a 52-week high of $79.02. The stock’s 50-day simple moving average is $33.75 and its 200 day simple moving average is $37.57. The stock has a market capitalization of $226.68 million, a price-to-earnings ratio of -189.28 and a beta of -5.50.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.24. On average, research analysts forecast that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on DRUG shares. Piper Sandler initiated coverage on Bright Minds Biosciences in a research note on Thursday, January 23rd. They issued an “overweight” rating and a $93.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $85.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Finally, Cantor Fitzgerald started coverage on shares of Bright Minds Biosciences in a research report on Friday, January 10th. They set an “overweight” rating for the company. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bright Minds Biosciences presently has a consensus rating of “Buy” and a consensus price target of $84.33.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.