40,379 Shares in Bright Minds Biosciences Inc. (NASDAQ:DRUG) Purchased by Millennium Management LLC

Millennium Management LLC acquired a new position in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 40,379 shares of the company’s stock, valued at approximately $1,454,000. Millennium Management LLC owned approximately 0.91% of Bright Minds Biosciences at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC purchased a new stake in Bright Minds Biosciences in the 4th quarter worth approximately $18,392,000. Bank of America Corp DE purchased a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at $173,000. Acuta Capital Partners LLC purchased a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at $2,490,000. RA Capital Management L.P. purchased a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at $16,599,000. Finally, Jane Street Group LLC purchased a new stake in shares of Bright Minds Biosciences in the fourth quarter valued at $238,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Stock Performance

Shares of DRUG opened at $27.46 on Wednesday. The company has a market capitalization of $193.43 million, a P/E ratio of -161.52 and a beta of -5.32. Bright Minds Biosciences Inc. has a one year low of $0.93 and a one year high of $79.02. The stock has a 50-day moving average price of $31.25 and a 200 day moving average price of $35.30.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Thursday, May 15th. The company reported ($0.29) EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.10. As a group, equities research analysts forecast that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

DRUG has been the subject of several recent analyst reports. Chardan Capital restated a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a report on Wednesday, May 21st. TD Cowen started coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They issued a “buy” rating for the company. HC Wainwright reissued a “buy” rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Cowen started coverage on shares of Bright Minds Biosciences in a research note on Tuesday, May 13th. They set a “buy” rating for the company. Finally, Cantor Fitzgerald raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Bright Minds Biosciences has a consensus rating of “Buy” and an average price target of $83.25.

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.