Acuta Capital Partners LLC Invests $2.49 Million in Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Acuta Capital Partners LLC bought a new position in Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 69,124 shares of the company's stock, valued at approximately $2,490,000. Bright Minds Biosciences comprises about 2.5% of Acuta Capital Partners LLC's holdings, making the stock its 14th biggest position. Acuta Capital Partners LLC owned 1.56% of Bright Minds Biosciences at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in DRUG. RA Capital Management L.P. purchased a new position in Bright Minds Biosciences in the fourth quarter worth about $16,599,000. Vivo Capital LLC bought a new position in Bright Minds Biosciences in the 4th quarter worth $9,062,000. Walleye Capital LLC bought a new stake in Bright Minds Biosciences during the fourth quarter valued at about $3,717,000. Atika Capital Management LLC bought a new stake in Bright Minds Biosciences during the fourth quarter valued at about $540,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Bright Minds Biosciences in the fourth quarter worth about $2,465,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

Bright Minds Biosciences Stock Performance

Shares of DRUG traded up $1.48 during midday trading on Wednesday, hitting $30.50. 20,785 shares of the company traded hands, compared to its average volume of 820,598. Bright Minds Biosciences Inc. has a 52 week low of $0.93 and a 52 week high of $79.02. The firm has a 50 day moving average of $33.25 and a 200-day moving average of $37.63. The stock has a market cap of $214.81 million, a price-to-earnings ratio of -179.37 and a beta of -5.32.

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. HC Wainwright restated a "buy" rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Cantor Fitzgerald initiated coverage on Bright Minds Biosciences in a report on Friday, January 10th. They set an "overweight" rating on the stock. Chardan Capital assumed coverage on Bright Minds Biosciences in a research report on Wednesday. They set a "buy" rating and a $80.00 target price for the company. Finally, Piper Sandler assumed coverage on Bright Minds Biosciences in a report on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 price target on the stock. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Bright Minds Biosciences presently has a consensus rating of "Buy" and an average price target of $83.25.

About Bright Minds Biosciences

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.