Braidwell LP lowered its holdings in Bright Minds Biosciences Inc. (NASDAQ:DRUG – Free Report) by 10.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 483,822 shares of the company’s stock after selling 55,886 shares during the period. Braidwell LP owned approximately 4.97% of Bright Minds Biosciences worth $33,964,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp acquired a new position in shares of Bright Minds Biosciences during the 2nd quarter valued at $1,046,000. Seven Fleet Capital Management LP acquired a new stake in Bright Minds Biosciences in the 1st quarter valued at $467,000. Vivo Capital LLC increased its holdings in Bright Minds Biosciences by 11.1% in the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after purchasing an additional 55,555 shares in the last quarter. Bank of America Corp DE increased its holdings in Bright Minds Biosciences by 28.8% in the 1st quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock valued at $1,417,000 after purchasing an additional 4,347 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in Bright Minds Biosciences by 11.1% in the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after purchasing an additional 128,329 shares during the period. Hedge funds and other institutional investors own 40.52% of the company’s stock.
Bright Minds Biosciences Price Performance
Shares of NASDAQ DRUG opened at $71.12 on Thursday. The firm has a market capitalization of $692.14 million, a PE ratio of -34.19 and a beta of -5.35. Bright Minds Biosciences Inc. has a 1-year low of $38.23 and a 1-year high of $123.75. The business’s fifty day moving average price is $74.43 and its two-hundred day moving average price is $76.99.
Wall Street Analyst Weigh In
A number of brokerages have commented on DRUG. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. BTIG Research reiterated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research note on Monday, August 17th. HC Wainwright reiterated a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, August 19th. Piper Sandler reissued an “overweight” rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Finally, Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Bright Minds Biosciences has an average rating of “Buy” and a consensus price target of $143.83.
View Our Latest Analysis on Bright Minds Biosciences
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.
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