Walleye Capital LLC Lowers Stake 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 cut its stake in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) by 17.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,022 shares of the company's stock after selling 18,170 shares during the period. Walleye Capital LLC owned 1.21% of Bright Minds Biosciences worth $3,067,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DRUG. Bank of America Corp DE purchased a new stake in Bright Minds Biosciences during the fourth quarter valued at approximately $173,000. Jane Street Group LLC purchased a new stake in Bright Minds Biosciences during the fourth quarter valued at approximately $238,000. Millennium Management LLC bought a new position in shares of Bright Minds Biosciences during the fourth quarter valued at approximately $1,454,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Bright Minds Biosciences during the fourth quarter valued at approximately $2,465,000. Finally, Acuta Capital Partners LLC bought a new position in shares of Bright Minds Biosciences during the fourth quarter valued at approximately $2,490,000. 40.52% of the stock is currently owned by hedge funds and other institutional investors.

Bright Minds Biosciences Stock Down 8.8%

NASDAQ:DRUG traded down $3.75 during midday trading on Monday, hitting $38.88. The stock had a trading volume of 29,435 shares, compared to its average volume of 51,364. Bright Minds Biosciences Inc. has a one year low of $0.94 and a one year high of $79.02. The company has a market capitalization of $273.72 million, a price-to-earnings ratio of -41.81 and a beta of -6.13. The stock has a 50-day moving average of $33.13 and a 200 day moving average of $32.54.

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

Analysts Set New Price Targets

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

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.