Millennium Management LLC Takes $1.45 Million Position in Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Millennium Management LLC purchased a new position in Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 40,379 shares of the company's stock, valued at approximately $1,454,000. Millennium Management LLC owned approximately 0.91% of Bright Minds Biosciences at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Bank of America Corp DE bought a new position in shares of Bright Minds Biosciences during the fourth quarter worth about $173,000. Jane Street Group LLC bought a new position in shares of Bright Minds Biosciences during the fourth quarter worth about $238,000. Atika Capital Management LLC bought a new position in shares of Bright Minds Biosciences during the fourth quarter worth about $540,000. Boothbay Fund Management LLC bought a new position in shares of Bright Minds Biosciences during the fourth quarter worth about $1,606,000. Finally, Springhill Fund Asset Management HK Co Ltd bought a new position in shares of Bright Minds Biosciences during the fourth quarter worth about $2,185,000. 40.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on DRUG shares. HC Wainwright reiterated a "buy" rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a report on Wednesday, February 19th. Wall Street Zen cut shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Cowen started coverage on shares of Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating on the stock. TD Cowen initiated coverage on shares of Bright Minds Biosciences in a research report on Tuesday, May 13th. They set a "buy" rating on the stock. Finally, Chardan Capital reissued a "buy" rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Bright Minds Biosciences presently has an average rating of "Buy" and a consensus target price of $83.25.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG traded down $0.20 during trading hours on Friday, hitting $27.61. 19,978 shares of the company traded hands, compared to its average volume of 825,200. The business's 50-day moving average is $30.73 and its 200-day moving average is $35.12. Bright Minds Biosciences Inc. has a twelve month low of $0.93 and a twelve month high of $79.02. The stock has a market capitalization of $194.48 million, a price-to-earnings ratio of -162.40 and a beta of -5.75.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.10. Analysts predict 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.