Walleye Capital LLC Purchases 27,880 Shares of Bright Minds Biosciences Inc. $DRUG

Walleye Capital LLC grew its position in Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 108.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 53,706 shares of the company’s stock after purchasing an additional 27,880 shares during the period. Walleye Capital LLC’s holdings in Bright Minds Biosciences were worth $3,919,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada grew its position in Bright Minds Biosciences by 240.0% in 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 in the last quarter. JPMorgan Chase & Co. grew 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 valued at $57,000 after acquiring an additional 1,873 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth approximately $66,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth approximately $107,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Bright Minds Biosciences in a report on Monday, April 13th. They set a “buy” rating and a $145.00 price objective for the company. BTIG Research restated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Zacks Research raised Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Finally, Piper Sandler reissued 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. One equities research 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 company has a consensus rating of “Buy” and an average price target of $143.83.

Bright Minds Biosciences Trading Down 2.4%

Shares of Bright Minds Biosciences stock opened at $75.46 on Thursday. The company’s 50-day moving average price is $72.16 and its 200-day moving average price is $78.54. Bright Minds Biosciences Inc. has a 12-month low of $26.73 and a 12-month high of $123.75. The company has a market cap of $734.23 million, a price-to-earnings ratio of -30.93 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) EPS for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. On average, sell-side analysts predict that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current year.

Insider Transactions at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences 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 approximately $85,025,000. This trade represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 42.66% of the company’s stock.

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.