508,776 Shares in Bright Minds Biosciences Inc. (NASDAQ:DRUG) Purchased by Janus Henderson Group PLC

Janus Henderson Group PLC acquired a new stake in Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 508,776 shares of the company's stock, valued at approximately $18,392,000. Janus Henderson Group PLC owned approximately 11.48% of Bright Minds Biosciences at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Atika Capital Management LLC bought a new position in shares of Bright Minds Biosciences during the fourth quarter valued at approximately $540,000. Springhill Fund Asset Management HK Co Ltd bought a new stake in Bright Minds Biosciences during the fourth quarter valued at about $2,185,000. Walleye Capital LLC bought a new position in Bright Minds Biosciences in the fourth quarter worth about $3,717,000. Vivo Capital LLC purchased a new stake in shares of Bright Minds Biosciences during the fourth quarter valued at about $9,062,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $4,773,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DRUG. Chardan Capital started coverage on shares of Bright Minds Biosciences in a research note on Wednesday, May 7th. They issued a "buy" rating and a $80.00 target price for the company. Piper Sandler started coverage on Bright Minds Biosciences in a research note on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 price target for the company. Cowen started coverage on shares of Bright Minds Biosciences in a research report on Tuesday, May 13th. They issued a "buy" rating for the company. TD Cowen began coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They issued a "buy" rating for the company. Finally, Cantor Fitzgerald raised shares of Bright Minds Biosciences to a "strong-buy" rating in a report on Tuesday, May 13th. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Bright Minds Biosciences currently has an average rating of "Buy" and an average target price of $83.25.

Bright Minds Biosciences Stock Down 3.1%

Shares of DRUG traded down $1.01 during mid-day trading on Monday, reaching $31.99. The company had a trading volume of 31,581 shares, compared to its average volume of 824,611. The stock has a market capitalization of $225.34 million, a P/E ratio of -188.17 and a beta of -5.32. The stock has a 50 day moving average of $32.86 and a two-hundred day moving average of $36.70. Bright Minds Biosciences Inc. has a 52-week low of $0.93 and a 52-week high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.09. On average, sell-side analysts expect that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current 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.