Insider Selling: Bright Minds Biosciences (NASDAQ:DRUG) Major Shareholder Sells 109,331 Shares of Stock

Key Points

• Cormorant Asset Management sold 109,331 shares of Bright Minds Biosciences (DRUG) on April 28 at an average price of $89.50 for about $9.79M, reducing its stake by 10.32% to 950,000 shares (valued at roughly $85.0M), according to the SEC filing.
• DRUG recently traded at $87.95 (down $1.16) with a market cap of $855.8M and a 52‑week range of $23.17–$123.75; analysts have a consensus rating of "Moderate Buy" with an average target of $128.60 amid mostly buy ratings and one sell.

Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total value of $9,785,124.50. Following the completion of the transaction, the insider directly owned 950,000 shares of the company's stock, valued at $85,025,000. This trade represents a 10.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Bright Minds Biosciences Price Performance

DRUG stock traded down $1.16 on Thursday, reaching $87.95. The company's stock had a trading volume of 160,827 shares, compared to its average volume of 170,726. Bright Minds Biosciences Inc. has a 52 week low of $23.17 and a 52 week high of $123.75. The company has a market capitalization of $855.75 million, a P/E ratio of -45.57 and a beta of -5.34. The firm has a fifty day moving average of $80.44 and a two-hundred day moving average of $76.30.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.98) by $0.28. As a group, equities analysts expect that Bright Minds Biosciences Inc. will post -5.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors have recently added to or reduced their stakes in the company. Braidwell LP acquired a new stake in shares of Bright Minds Biosciences during the 3rd quarter valued at $18,422,000. Vivo Capital LLC lifted its position in shares of Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company's stock valued at $30,428,000 after acquiring an additional 250,045 shares during the last quarter. MPM Bioimpact LLC acquired a new stake in shares of Bright Minds Biosciences during the 4th quarter valued at $17,961,000. Balyasny Asset Management L.P. acquired a new stake in shares of Bright Minds Biosciences during the 3rd quarter valued at $11,339,000. Finally, Millennium Management LLC lifted its position in shares of Bright Minds Biosciences by 376.9% during the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company's stock valued at $6,946,000 after acquiring an additional 152,178 shares during the last quarter. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on DRUG shares. Jefferies Financial Group started coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They issued a "buy" rating and a $145.00 target price for the company. BTIG Research restated a "buy" rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Robert W. Baird set a $126.00 target price on Bright Minds Biosciences in a research report on Friday, February 13th. HC Wainwright upped their target price on Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Finally, Wall Street Zen downgraded Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, April 18th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $128.60.

About Bright Minds Biosciences

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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