Goldman Sachs Group Inc. Takes Position in Bright Minds Biosciences Inc. $DRUG

Key Points

• Goldman Sachs Group Inc. acquired a new stake in Bright Minds Biosciences, purchasing 22,222 shares valued at approximately $802,000 during the first quarter of the year.
• Bright Minds Biosciences reported a quarterly loss of ($0.53) earnings per share, beating analyst expectations of ($0.59).
• Several research firms have issued new ratings and target prices for Bright Minds Biosciences, with HC Wainwright setting a target price of $85.00, indicating positive market sentiment.

Goldman Sachs Group Inc. purchased a new stake in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 22,222 shares of the company's stock, valued at approximately $802,000. Goldman Sachs Group Inc. owned approximately 0.32% of Bright Minds Biosciences at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of America Corp DE bought a new position in shares of Bright Minds Biosciences during the 4th quarter valued at $173,000. Jane Street Group LLC bought a new position in shares of Bright Minds Biosciences during the 4th quarter valued at $238,000. OMERS ADMINISTRATION Corp bought a new position in shares of Bright Minds Biosciences during the 1st quarter valued at $505,000. Millennium Management LLC bought a new position in shares of Bright Minds Biosciences during the 4th quarter valued at $1,454,000. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Bright Minds Biosciences by 50.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company's stock valued at $7,214,000 after purchasing an additional 67,500 shares in the last quarter. Institutional investors own 40.52% of the company's stock.

Bright Minds Biosciences Stock Down 2.0%

Shares of DRUG stock opened at $50.10 on Wednesday. Bright Minds Biosciences Inc. has a 12-month low of $0.94 and a 12-month high of $79.02. The company has a market capitalization of $352.90 million, a P/E ratio of -53.87 and a beta of -6.13. The firm has a 50-day moving average price of $39.69 and a 200 day moving average price of $33.68.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.06. As a group, research analysts expect that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on DRUG. Wall Street Zen upgraded shares of Bright Minds Biosciences from a "sell" rating to a "hold" rating in a report on Saturday. HC Wainwright reiterated a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research note on Monday, September 15th. BTIG Research started coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They issued a "buy" rating and a $72.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Bright Minds Biosciences in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $81.00.

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.

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