OMERS ADMINISTRATION Corp Acquires New Position in Bright Minds Biosciences Inc. $DRUG

Key Points

• OMERS Administration Corp has acquired a new position in Bright Minds Biosciences, purchasing 14,000 shares valued at approximately $505,000 during the first quarter of the year.
• The stock of Bright Minds Biosciences (NASDAQ:DRUG) has experienced significant volatility, with a one-year low of $0.94 and a high of $79.02.
• Analysts have a consensus rating of "Buy" for the stock, with price targets ranging from $80.00 to $85.00.

OMERS ADMINISTRATION Corp purchased a new stake in Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,000 shares of the company's stock, valued at approximately $505,000. OMERS ADMINISTRATION Corp owned about 0.20% of Bright Minds Biosciences at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Bank of America Corp DE acquired a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $173,000. Jane Street Group LLC purchased a new position in Bright Minds Biosciences in the 4th quarter valued at about $238,000. Millennium Management LLC purchased a new position in Bright Minds Biosciences in the 4th quarter valued at about $1,454,000. Point72 Asset Management L.P. purchased a new position in Bright Minds Biosciences in the 4th quarter valued at about $4,870,000. Finally, Janus Henderson Group PLC acquired a new stake in Bright Minds Biosciences during the fourth quarter worth approximately $18,392,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. BTIG Research assumed coverage on shares of Bright Minds Biosciences in a research note on Monday. They set a "buy" rating and a $72.00 price objective for the company. HC Wainwright restated a "buy" rating and set a $85.00 target price on shares of Bright Minds Biosciences in a report on Tuesday, August 19th. Wall Street Zen lowered shares of Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Chardan Capital restated a "buy" rating and set a $80.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, May 21st. Finally, Cowen assumed coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They set a "buy" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $81.00.

Bright Minds Biosciences Stock Down 0.7%

Shares of DRUG traded down $0.32 during midday trading on Monday, hitting $41.93. The company had a trading volume of 32,508 shares, compared to its average volume of 51,241. The company's 50 day moving average price is $34.69 and its 200 day moving average price is $32.63. The stock has a market cap of $295.15 million, a price-to-earnings ratio of -44.89 and a beta of -6.13. Bright Minds Biosciences Inc. has a 52 week low of $0.94 and a 52 week high of $79.02.

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

About Bright Minds Biosciences

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.