Boothbay Fund Management LLC Makes New $1.61 Million Investment in Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Boothbay Fund Management LLC acquired a new position in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) in the fourth quarter, Holdings Channel.com reports. The fund acquired 44,580 shares of the company’s stock, valued at approximately $1,606,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Atika Capital Management LLC bought a new stake in shares of Bright Minds Biosciences in the 4th quarter worth approximately $540,000. Springhill Fund Asset Management HK Co Ltd purchased a new position in Bright Minds Biosciences in the 4th quarter worth $2,185,000. Walleye Capital LLC purchased a new stake in Bright Minds Biosciences during the fourth quarter valued at about $3,717,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Bright Minds Biosciences during the fourth quarter valued at about $4,773,000. Finally, Vivo Capital LLC purchased a new position in shares of Bright Minds Biosciences in the fourth quarter worth about $9,062,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on DRUG. Cantor Fitzgerald started coverage on Bright Minds Biosciences in a research note on Friday, January 10th. They issued an “overweight” rating on the stock. Piper Sandler assumed coverage on shares of Bright Minds Biosciences in a report on Thursday, January 23rd. They set an “overweight” rating and a $93.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $85.00 price target on shares of Bright Minds Biosciences in a report on Wednesday, February 19th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $84.33.

Bright Minds Biosciences Stock Performance

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

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

Bright Minds Biosciences Profile

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.