460,829 Shares in Bright Minds Biosciences Inc. (NASDAQ:DRUG) Purchased by RA Capital Management L.P.

RA Capital Management L.P. bought a new position in Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 460,829 shares of the company's stock, valued at approximately $16,599,000. RA Capital Management L.P. owned approximately 10.40% of Bright Minds Biosciences as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in DRUG. Jane Street Group LLC purchased a new position in shares of Bright Minds Biosciences in the 4th quarter worth approximately $238,000. Atika Capital Management LLC bought a new position in Bright Minds Biosciences during the 4th quarter worth about $540,000. Boothbay Fund Management LLC purchased a new position in Bright Minds Biosciences during the fourth quarter valued at approximately $1,606,000. Springhill Fund Asset Management HK Co Ltd purchased a new position in shares of Bright Minds Biosciences in the 4th quarter valued at $2,185,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of Bright Minds Biosciences in the 4th quarter worth approximately $2,465,000. Institutional investors own 40.52% of the company's stock.

Wall Street Analysts Forecast Growth

DRUG has been the subject of a number of research analyst reports. Cantor Fitzgerald initiated coverage on shares of Bright Minds Biosciences in a report on Friday, January 10th. They issued an "overweight" rating for the company. HC Wainwright reissued a "buy" rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Finally, 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. Four research 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, the stock currently has a consensus rating of "Buy" and an average price target of $84.33.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock traded down $1.19 on Tuesday, reaching $30.03. 18,379 shares of the company were exchanged, compared to its average volume of 54,033. Bright Minds Biosciences Inc. has a 1-year low of $0.93 and a 1-year high of $79.02. The company has a market cap of $211.50 million, a P/E ratio of -176.61 and a beta of -5.32. The stock's 50 day moving average price is $33.34 and its 200-day moving average price is $37.69.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly 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. On average, research analysts predict 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.