Point72 Asset Management L.P. Acquires New Position in Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Point72 Asset Management L.P. acquired a new position in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 135,189 shares of the company's stock, valued at approximately $4,870,000. Point72 Asset Management L.P. owned 3.05% of Bright Minds Biosciences at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Bank of America Corp DE purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter worth $173,000. Jane Street Group LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter worth $238,000. Atika Capital Management LLC purchased a new position in Bright Minds Biosciences in the fourth quarter valued at $540,000. Millennium Management LLC purchased a new position in Bright Minds Biosciences in the fourth quarter valued at $1,454,000. Finally, Boothbay Fund Management LLC purchased a new position in Bright Minds Biosciences in the fourth quarter valued at $1,606,000. Hedge funds and other institutional investors own 40.52% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Cantor Fitzgerald raised Bright Minds Biosciences to a "strong-buy" rating in a report on Tuesday, May 13th. Chardan Capital reissued a "buy" rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a report on Wednesday. TD Cowen assumed coverage on Bright Minds Biosciences in a report on Tuesday, May 13th. They issued a "buy" rating on the stock. Cowen assumed coverage on Bright Minds Biosciences in a report on Tuesday, May 13th. They issued a "buy" rating on the stock. Finally, HC Wainwright reissued a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $83.25.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG traded down $1.21 during trading hours on Friday, hitting $29.01. The company had a trading volume of 26,810 shares, compared to its average volume of 828,217. Bright Minds Biosciences Inc. has a 1-year low of $0.93 and a 1-year high of $79.02. The company has a market cap of $204.35 million, a PE ratio of -170.64 and a beta of -5.32. The business has a 50 day moving average of $32.34 and a 200-day moving average of $35.98.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.10. Sell-side analysts expect that Bright Minds Biosciences Inc. will post -1.24 earnings per share 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.