Bright Minds Biosciences Inc. $DRUG Shares Sold by RA Capital Management L.P.

Key Points

• RA Capital Management L.P. has reduced its stake in Bright Minds Biosciences Inc. by 55.2%, now holding approximately 2.93% of the company with a value of $7.4 million.
• Various institutional investors have made new acquisitions in Bright Minds Biosciences, bringing institutional ownership to 40.52%.
• Wall Street analysts generally maintain a Buy rating for the stock, with a consensus price target of $83.25.

RA Capital Management L.P. reduced its position in Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) by 55.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 206,427 shares of the company's stock after selling 254,402 shares during the quarter. RA Capital Management L.P. owned about 2.93% of Bright Minds Biosciences worth $7,446,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Janus Henderson Group PLC acquired a new position in Bright Minds Biosciences in the 4th quarter valued at $18,392,000. Point72 Asset Management L.P. acquired a new position in Bright Minds Biosciences in the 4th quarter valued at $4,870,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Bright Minds Biosciences during the 4th quarter worth $2,465,000. Millennium Management LLC acquired a new position in shares of Bright Minds Biosciences during the 4th quarter worth $1,454,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Bright Minds Biosciences during the 1st quarter worth $505,000. 40.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Bright Minds Biosciences in a research note on Wednesday, July 2nd. Chardan Capital reaffirmed a "buy" rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, May 21st. HC Wainwright reaffirmed a "buy" rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research note on Tuesday, August 19th. TD Cowen assumed coverage on shares of Bright Minds Biosciences in a research note on Tuesday, May 13th. They set a "buy" rating on the stock. Finally, Cowen assumed coverage on shares of Bright Minds Biosciences in a research note on Tuesday, May 13th. They set a "buy" rating on the stock. One research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $83.25.

Bright Minds Biosciences Stock Down 8.8%

Bright Minds Biosciences stock opened at $38.88 on Tuesday. Bright Minds Biosciences Inc. has a 52 week low of $0.94 and a 52 week high of $79.02. The firm's 50-day simple moving average is $33.37 and its 200 day simple moving average is $32.52. The firm has a market capitalization of $273.72 million, a PE ratio of -41.81 and a beta of -6.13.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.06. On average, research analysts expect that Bright Minds Biosciences Inc. will post -1.24 EPS for the current fiscal year.

Bright Minds Biosciences 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.

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