Boothbay Fund Management LLC Takes Position in Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Boothbay Fund Management LLC bought a new position in Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 44,580 shares of the company's stock, valued at approximately $1,606,000. Boothbay Fund Management LLC owned 1.01% of Bright Minds Biosciences at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. HC Wainwright reaffirmed a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. Piper Sandler assumed coverage on Bright Minds Biosciences in a report on Thursday, January 23rd. They set an "overweight" rating and a $93.00 target price on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of Bright Minds Biosciences in a report on Friday, January 10th. They issued an "overweight" rating for the company. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $84.33.

Bright Minds Biosciences Stock Up 5.1 %

Shares of DRUG stock traded up $1.55 during trading hours on Friday, reaching $32.17. 17,421 shares of the stock traded hands, compared to its average volume of 823,773. Bright Minds Biosciences Inc. has a 1-year low of $0.93 and a 1-year high of $79.02. The firm has a market capitalization of $226.61 million, a PE ratio of -189.22 and a beta of -5.50. The business has a fifty day moving average price of $33.39 and a 200 day moving average price of $37.63.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported $0.01 earnings per share for the quarter, beating analysts' consensus estimates of ($0.23) by $0.24. Research analysts expect that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current fiscal year.

Bright Minds Biosciences Company 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.