Adage Capital Partners GP L.L.C. Has $7.21 Million Stock Position in Bright Minds Biosciences Inc. $DRUG

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Bright Minds Biosciences by 50.9%, acquiring an additional 67,500 shares, bringing its total ownership to 200,000 shares valued at approximately $7.21 million.
• Bright Minds Biosciences has received multiple "buy" ratings from analysts, with target prices ranging from $80.00 to $85.00, and a consensus target price of $83.25.
• The company's stock performance shows significant volatility, with a 52-week low of $0.94 and a high of $79.02, currently trading at $42.24.

Adage Capital Partners GP L.L.C. lifted its holdings in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) by 50.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 200,000 shares of the company's stock after acquiring an additional 67,500 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 2.84% of Bright Minds Biosciences worth $7,214,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. OMERS ADMINISTRATION Corp acquired a new stake in Bright Minds Biosciences during the 1st quarter valued at $505,000. Point72 Asset Management L.P. acquired a new position in Bright Minds Biosciences in the 4th quarter valued at about $4,870,000. Millennium Management LLC bought a new position in Bright Minds Biosciences in the 4th quarter valued at about $1,454,000. Janus Henderson Group PLC acquired a new stake in Bright Minds Biosciences during the fourth quarter worth approximately $18,392,000. Finally, Bank of America Corp DE bought a new stake in shares of Bright Minds Biosciences during the fourth quarter worth approximately $173,000. 40.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on DRUG. HC Wainwright reiterated a "buy" rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research note on Tuesday, August 19th. Wall Street Zen lowered Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. BTIG Research began coverage on Bright Minds Biosciences in a research report on Monday. They set a "buy" rating and a $72.00 price objective on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. Finally, Chardan Capital reissued a "buy" rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $81.00.

Bright Minds Biosciences Trading Down 1.3%

NASDAQ DRUG traded down $0.63 during midday trading on Friday, hitting $48.75. The company had a trading volume of 80,383 shares, compared to its average volume of 68,790. The firm has a 50-day moving average price of $36.45 and a 200-day moving average price of $33.00. The company has a market capitalization of $343.20 million, a PE ratio of -52.42 and a beta of -6.14. Bright Minds Biosciences Inc. has a twelve month low of $0.94 and a twelve month high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.53) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.06. On average, equities analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 EPS for the current 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.