ADAR1 Capital Management LLC Has $2.47 Million Stock Position in Bright Minds Biosciences Inc. $DRUG

Key Points

• ADAR1 Capital Management increased its Bright Minds Biosciences position by 868.6% in the first quarter, holding 33,900 shares worth approximately $2.47 million. Institutional investors collectively own 40.52% of the company.
• Bright Minds reported a quarterly loss of $0.80 per share, beating analysts’ expected loss of $0.86. The stock opened at $71.96, with a 12-month range of $31.80 to $123.75.
• Analyst sentiment remains favorable, with the stock carrying an average “Buy” rating and a consensus price target of $143.83; Piper Sandler raised its target to $220.

ADAR1 Capital Management LLC lifted its holdings in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) by 868.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,900 shares of the company's stock after acquiring an additional 30,400 shares during the period. ADAR1 Capital Management LLC owned approximately 0.35% of Bright Minds Biosciences worth $2,474,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vivo Capital LLC lifted its holdings in shares of Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company's stock valued at $30,428,000 after purchasing an additional 250,045 shares in the last quarter. MPM Bioimpact LLC bought a new stake in Bright Minds Biosciences in the 4th quarter worth about $17,961,000. Balyasny Asset Management L.P. purchased a new stake in Bright Minds Biosciences in the 3rd quarter valued at about $11,339,000. Millennium Management LLC lifted its position in shares of Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company's stock worth $6,946,000 after buying an additional 152,178 shares in the last quarter. Finally, Ikarian Capital LLC lifted its position in shares of Bright Minds Biosciences by 933.1% during the 4th quarter. Ikarian Capital LLC now owns 159,421 shares of the company's stock worth $12,441,000 after buying an additional 143,990 shares in the last quarter. Institutional investors and hedge funds own 40.52% of the company's stock.

Bright Minds Biosciences Trading Up 0.1%

Bright Minds Biosciences stock opened at $71.96 on Wednesday. The business's 50 day simple moving average is $71.80 and its 200 day simple moving average is $78.07. Bright Minds Biosciences Inc. has a 12 month low of $31.80 and a 12 month high of $123.75. The company has a market cap of $700.17 million, a price-to-earnings ratio of -29.49 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its 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 research analysts forecast that Bright Minds Biosciences Inc. will post -4.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on DRUG shares. Piper Sandler restated an "overweight" rating and issued a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Wall Street Zen raised Bright Minds Biosciences from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 4th. Jefferies Financial Group began coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They issued a "buy" rating and a $145.00 price objective on the stock. Zacks Research upgraded Bright Minds Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Finally, HC Wainwright restated a "buy" rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. According to data from MarketBeat, Bright Minds Biosciences has an average rating of "Buy" and an average target price of $143.83.

Bright Minds Biosciences Company 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.

Want to see what other hedge funds are holding DRUG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.