Schonfeld Strategic Advisors LLC Takes $2.47 Million Position in Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Schonfeld Strategic Advisors LLC acquired a new stake in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 69,812 shares of the company's stock, valued at approximately $2,465,000. Schonfeld Strategic Advisors LLC owned 1.58% of Bright Minds Biosciences as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vivo Capital LLC purchased a new position in shares of Bright Minds Biosciences in the fourth quarter worth $9,062,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $4,773,000. Walleye Capital LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter worth $3,717,000. Springhill Fund Asset Management HK Co Ltd purchased a new position in Bright Minds Biosciences during the fourth quarter worth about $2,185,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of Bright Minds Biosciences during the 4th quarter worth approximately $1,606,000. Institutional investors own 40.52% of the company's stock.

Wall Street Analyst Weigh In

DRUG has been the subject of a number of recent analyst reports. Cantor Fitzgerald began coverage on Bright Minds Biosciences in a report on Friday, January 10th. They set an "overweight" rating for the company. HC Wainwright reiterated a "buy" rating and issued a $85.00 price target on shares of Bright Minds Biosciences in a report on Wednesday, February 19th. Chardan Capital started coverage on shares of Bright Minds Biosciences in a report on Wednesday. They set a "buy" rating and a $80.00 target price for the company. Finally, Piper Sandler started coverage on shares of Bright Minds Biosciences in a research note on Thursday, January 23rd. They set an "overweight" rating and a $93.00 price target on the stock. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $83.25.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ DRUG traded up $1.96 during mid-day trading on Thursday, reaching $32.06. The company had a trading volume of 25,879 shares, compared to its average volume of 823,935. The stock has a market capitalization of $225.83 million, a PE ratio of -188.58 and a beta of -5.32. The stock's 50 day moving average is $33.12 and its 200-day moving average is $37.58. Bright Minds Biosciences Inc. has a twelve month low of $0.93 and a twelve month high of $79.02.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.01 EPS for the quarter, topping analysts' consensus estimates of ($0.23) by $0.24. On average, sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 EPS 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.