Commodore Capital LP Reduces Stock Holdings in Bright Minds Biosciences Inc. $DRUG

Commodore Capital LP cut its position in Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 96.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,851 shares of the company’s stock after selling 481,149 shares during the quarter. Commodore Capital LP owned about 0.19% of Bright Minds Biosciences worth $1,471,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Braidwell LP bought a new position in Bright Minds Biosciences in the 3rd quarter worth approximately $18,422,000. Vivo Capital LLC boosted its stake in Bright Minds Biosciences by 99.4% in the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after purchasing an additional 250,045 shares during the period. MPM Bioimpact LLC purchased a new position in Bright Minds Biosciences during the 4th quarter valued at about $17,961,000. Balyasny Asset Management L.P. bought a new stake in shares of Bright Minds Biosciences during the third quarter valued at about $11,339,000. Finally, Millennium Management LLC lifted its holdings in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after buying an additional 152,178 shares in the last quarter. 40.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total value of $9,785,124.50. Following the transaction, the insider owned 950,000 shares in the company, valued at approximately $85,025,000. The trade was a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 42.66% of the stock is owned by corporate insiders.

Bright Minds Biosciences Stock Down 0.5%

Bright Minds Biosciences stock opened at $59.52 on Thursday. The firm has a fifty day simple moving average of $80.79 and a two-hundred day simple moving average of $80.43. Bright Minds Biosciences Inc. has a twelve month low of $23.17 and a twelve month high of $123.75. The company has a market capitalization of $579.13 million, a PE ratio of -24.39 and a beta of -5.53.

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, beating the consensus estimate of ($0.86) by $0.06. As a group, equities analysts expect that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. BTIG Research reaffirmed a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. Jefferies Financial Group initiated coverage on Bright Minds Biosciences in a report on Monday, April 13th. They set a “buy” rating and a $145.00 price objective for the company. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Finally, HC Wainwright reissued a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $143.83.

Bright Minds Biosciences 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.