Perceptive Advisors LLC Sells 71,746 Shares of Bright Minds Biosciences Inc. $DRUG

Perceptive Advisors LLC reduced its holdings in Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 16.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 377,544 shares of the company’s stock after selling 71,746 shares during the quarter. Perceptive Advisors LLC owned approximately 3.88% of Bright Minds Biosciences worth $27,549,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of DRUG. Royal Bank of Canada lifted its holdings in shares of Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares during the period. JPMorgan Chase & Co. increased its holdings in Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the period. Russell Investments Group Ltd. acquired a new stake in Bright Minds Biosciences in the third quarter valued at $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bright Minds Biosciences during the 2nd quarter worth $66,000. Finally, New York State Common Retirement Fund bought a new position in Bright Minds Biosciences during the 2nd quarter worth $107,000. Institutional investors own 40.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented 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 price target on the stock. Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, HC Wainwright reissued a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Price Performance

NASDAQ DRUG opened at $73.26 on Friday. The business has a 50 day simple moving average of $71.18 and a 200 day simple moving average of $77.82. Bright Minds Biosciences Inc. has a one year low of $31.80 and a one year high of $123.75. The stock has a market capitalization of $712.82 million, a P/E ratio of -30.02 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. Equities analysts expect that Bright Minds Biosciences Inc. will post -4.86 earnings per share for the current year.

Bright Minds Biosciences Company Profile

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.