Walleye Capital LLC Lowers Stock Position in Bright Minds Biosciences Inc. $DRUG

Key Points

• Walleye Capital LLC reduced its holdings in Bright Minds Biosciences by 17.6%, now owning 85,022 shares valued at approximately $3.07 million.
• Bright Minds Biosciences has a current market capitalization of $305.25 million and recent trading action includes a 3.1% decline in stock price.
• The company reported earnings of ($0.53) EPS for the last quarter, surpassing analysts' consensus estimates and currently holds a consensus rating of "Buy" from analysts.

Walleye Capital LLC decreased its holdings in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) by 17.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 85,022 shares of the company's stock after selling 18,170 shares during the period. Walleye Capital LLC owned approximately 1.21% of Bright Minds Biosciences worth $3,067,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE acquired a new stake in Bright Minds Biosciences in the 4th quarter worth approximately $173,000. Jane Street Group LLC purchased a new position in shares of Bright Minds Biosciences in the fourth quarter worth $238,000. Millennium Management LLC acquired a new stake in shares of Bright Minds Biosciences during the fourth quarter worth $1,454,000. Acuta Capital Partners LLC acquired a new stake in shares of Bright Minds Biosciences during the fourth quarter worth $2,490,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at $2,465,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. TD Cowen started coverage on Bright Minds Biosciences in a research note on Tuesday, May 13th. They issued a "buy" rating for the company. Cantor Fitzgerald reissued an "overweight" rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. Wall Street Zen downgraded Bright Minds Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Chardan Capital reiterated a "buy" rating and issued a $80.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, May 21st. Finally, HC Wainwright reiterated a "buy" rating and issued a $85.00 price target on shares of Bright Minds Biosciences in a report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $83.25.

Bright Minds Biosciences Stock Down 0.2%

Shares of DRUG stock traded down $0.08 on Tuesday, hitting $38.80. The company had a trading volume of 32,787 shares, compared to its average volume of 49,091. The firm has a market cap of $273.15 million, a P/E ratio of -41.72 and a beta of -6.14. The company has a 50-day moving average price of $33.58 and a 200-day moving average price of $32.57. Bright Minds Biosciences Inc. has a twelve month low of $0.94 and a twelve month high of $79.02.

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

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.