Vivo Capital LLC Invests $9.06 Million in Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Vivo Capital LLC acquired a new stake in Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 251,572 shares of the company's stock, valued at approximately $9,062,000. Bright Minds Biosciences accounts for about 1.0% of Vivo Capital LLC's holdings, making the stock its 22nd biggest holding. Vivo Capital LLC owned 5.68% of Bright Minds Biosciences as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Atika Capital Management LLC bought a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $540,000. Springhill Fund Asset Management HK Co Ltd bought a new position in Bright Minds Biosciences during the 4th quarter worth approximately $2,185,000. Finally, Walleye Capital LLC acquired a new position in shares of Bright Minds Biosciences in the 4th quarter worth approximately $3,717,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DRUG. Piper Sandler began coverage on Bright Minds Biosciences in a research note on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 price objective on the stock. HC Wainwright reissued a "buy" rating and issued a $85.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Finally, Cantor Fitzgerald began coverage on shares of Bright Minds Biosciences in a research report on Friday, January 10th. They set an "overweight" rating for the company. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $84.33.

Bright Minds Biosciences Trading Down 2.1 %

Shares of DRUG stock traded down $0.71 during trading hours on Friday, hitting $32.71. 50,382 shares of the company were exchanged, compared to its average volume of 823,882. The stock has a market capitalization of $230.41 million, a price-to-earnings ratio of -192.40 and a beta of -5.50. The firm has a fifty day simple moving average of $33.85 and a 200 day simple moving average of $36.85. 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 released its quarterly earnings data on Thursday, February 13th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.24. Sell-side analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 EPS for the current year.

About Bright Minds Biosciences

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.