Janus Henderson Group PLC Raises Holdings in Bright Minds Biosciences Inc. $DRUG

Key Points

• Janus Henderson Group increased its Bright Minds Biosciences stake by 11.1% in the first quarter, owning 1.28 million shares valued at approximately $93.5 million, or 13.2% of the company. Institutional investors collectively hold 40.52% of DRUG.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $143.83. Piper Sandler raised its target to $220, while Jefferies and HC Wainwright maintain $145 targets.
• DRUG opened at $73.26, compared with a 52-week range of $31.80 to $123.75. Bright Minds reported a quarterly loss of $0.80 per share, better than the expected $0.86 loss, while its lead compound BMB-101 is being developed for mood and anxiety disorders.

Janus Henderson Group PLC boosted its holdings in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,284,324 shares of the company's stock after acquiring an additional 128,329 shares during the quarter. Janus Henderson Group PLC owned about 13.20% of Bright Minds Biosciences worth $93,518,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company's stock worth $40,000 after purchasing an additional 372 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Bright Minds Biosciences by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company's stock valued at $973,000 after buying an additional 861 shares during the period. Russell Investments Group Ltd. acquired a new position in Bright Minds Biosciences in the third quarter valued at about $58,000. Strs Ohio boosted its stake in Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company's stock worth $197,000 after buying an additional 1,800 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock valued at $57,000 after acquiring an additional 1,873 shares during the last quarter. Hedge funds and other institutional investors own 40.52% of the company's stock.

Wall Street Analysts Forecast Growth

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

Bright Minds Biosciences Stock Performance

Shares of DRUG opened at $73.26 on Friday. The stock has a market capitalization of $712.82 million, a PE ratio of -30.02 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 company's 50-day simple moving average is $71.18 and its 200-day simple moving average is $77.82.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating analysts' consensus estimates of ($0.86) by $0.06. On average, sell-side analysts predict that Bright Minds Biosciences Inc. will post -4.86 earnings per share for the current year.

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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