Bright Minds Biosciences Inc. $DRUG Shares Bought by Vivo Capital LLC

Vivo Capital LLC lifted its holdings in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) by 11.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 557,172 shares of the company's stock after acquiring an additional 55,555 shares during the period. Bright Minds Biosciences makes up about 3.4% of Vivo Capital LLC's investment portfolio, making the stock its 10th biggest position. Vivo Capital LLC owned 5.73% of Bright Minds Biosciences worth $40,657,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DRUG. Janus Henderson Group PLC increased its stake in Bright Minds Biosciences by 11.1% in the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company's stock valued at $93,518,000 after acquiring an additional 128,329 shares during the period. Braidwell LP lifted its stake in Bright Minds Biosciences by 6.8% during the fourth quarter. Braidwell LP now owns 324,358 shares of the company's stock worth $25,313,000 after purchasing an additional 20,673 shares during the period. MPM Bioimpact LLC bought a new position in Bright Minds Biosciences during the fourth quarter worth about $17,961,000. Balyasny Asset Management L.P. boosted its holdings in Bright Minds Biosciences by 20.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 225,412 shares of the company's stock valued at $17,591,000 after purchasing an additional 38,490 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Bright Minds Biosciences by 153.6% during the fourth quarter. Millennium Management LLC now owns 194,437 shares of the company's stock valued at $15,174,000 after purchasing an additional 117,756 shares in the last quarter. 40.52% of the stock is owned by institutional investors.

Bright Minds Biosciences Trading Up 5.0%

Shares of Bright Minds Biosciences stock opened at $74.63 on Friday. The stock has a market capitalization of $726.15 million, a price-to-earnings ratio of -30.59 and a beta of -5.34. Bright Minds Biosciences Inc. has a 1-year low of $31.80 and a 1-year high of $123.75. The firm's 50-day moving average price is $71.39 and its two-hundred day moving average price is $77.86.

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

Wall Street Analysts Forecast Growth

DRUG has been the subject of a number of recent research reports. Zacks Research raised Bright Minds Biosciences from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Jefferies Financial Group started coverage on Bright Minds Biosciences in a research note on Monday, April 13th. They issued a "buy" rating and a $145.00 price target on the stock. HC Wainwright reiterated a "buy" rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Piper Sandler reiterated an "overweight" rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Finally, Wall Street Zen raised Bright Minds Biosciences from a "strong sell" rating to a "sell" rating in a report on Saturday, July 4th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target 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.

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