40,000 Shares in Bright Minds Biosciences Inc. $DRUG Acquired by Orbimed Advisors LLC

Key Points

• Orbimed Advisors initiated a 40,000-share position in Bright Minds Biosciences, valued at approximately $2.9 million, while institutional investors collectively own 40.52% of the company.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $143.83; Piper Sandler raised its target to $220, and Zacks upgraded the stock to “Strong Buy.”
• Bright Minds reported quarterly EPS of -$0.80, better than the expected -$0.86. The stock opened at $71.33, versus a 12-month range of $31.80 to $123.75, while major shareholder Cormorant Asset Management reduced its stake by 10.32%.

Orbimed Advisors LLC bought a new position in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 40,000 shares of the company's stock, valued at approximately $2,919,000. Orbimed Advisors LLC owned approximately 0.41% of Bright Minds Biosciences as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DRUG. Walleye Capital LLC raised its stake in shares of Bright Minds Biosciences by 108.0% in the first quarter. Walleye Capital LLC now owns 53,706 shares of the company's stock valued at $3,919,000 after acquiring an additional 27,880 shares in the last quarter. Eventide Asset Management LLC acquired a new position in Bright Minds Biosciences during the 4th quarter worth $8,039,000. Artia Global Partners LP acquired a new position in Bright Minds Biosciences during the 4th quarter worth $2,607,000. Seven Grand Managers LLC acquired a new position in Bright Minds Biosciences during the 4th quarter worth $3,902,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Bright Minds Biosciences during the 4th quarter worth about $221,000. Hedge funds and other institutional investors own 40.52% of the company's stock.

Analyst Upgrades and Downgrades

DRUG has been the topic of a number of analyst reports. Jefferies Financial Group started coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They issued a "buy" rating and a $145.00 price target on the stock. HC Wainwright reissued a "buy" rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Piper Sandler restated an "overweight" rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. BTIG Research reaffirmed a "buy" rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. Finally, Zacks Research upgraded shares of Bright Minds Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $143.83.

Insider Buying and Selling at Bright Minds Biosciences

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm's stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the sale, the insider owned 950,000 shares of the company's stock, valued at approximately $85,025,000. This trade represents a 10.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 42.66% of the company's stock.

Bright Minds Biosciences Price Performance

NASDAQ:DRUG opened at $71.33 on Monday. Bright Minds Biosciences Inc. has a 12 month low of $31.80 and a 12 month high of $123.75. The firm has a market capitalization of $694.04 million, a PE ratio of -29.23 and a beta of -5.34. The business's fifty day moving average price is $71.91 and its 200 day moving average price is $78.39.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.86) by $0.06. As a group, equities analysts anticipate that Bright Minds Biosciences Inc. will post -4.86 EPS for the current year.

Bright Minds Biosciences Profile

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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