Adage Capital Partners GP L.L.C. Purchases Shares of 132,500 Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Adage Capital Partners GP L.L.C. acquired a new position in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 132,500 shares of the company's stock, valued at approximately $4,773,000. Adage Capital Partners GP L.L.C. owned about 2.99% of Bright Minds Biosciences as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

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

Bright Minds Biosciences Price Performance

Bright Minds Biosciences stock traded up $1.55 during trading hours on Friday, hitting $32.17. The stock had a trading volume of 17,421 shares, compared to its average volume of 826,996. Bright Minds Biosciences Inc. has a 1-year low of $0.93 and a 1-year high of $79.02. The stock has a market capitalization of $226.61 million, a price-to-earnings ratio of -189.22 and a beta of -5.50. The stock's fifty day moving average is $33.39 and its two-hundred day moving average is $37.80.

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

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.