Bright Minds Biosciences Inc. (NASDAQ:DRUG - Get Free Report) major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the insider owned 950,000 shares in the company, valued at $85,025,000. The trade was a 10.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
Bright Minds Biosciences Stock Performance
NASDAQ DRUG opened at $87.95 on Friday. The stock has a market capitalization of $855.93 million, a price-to-earnings ratio of -45.57 and a beta of -5.34. The stock's 50 day moving average price is $80.47 and its two-hundred day moving average price is $76.38. Bright Minds Biosciences Inc. has a 52 week low of $23.17 and a 52 week high of $123.75.
Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its earnings results on Thursday, February 12th. The company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.98) by $0.28. On average, equities research analysts forecast that Bright Minds Biosciences Inc. will post -5.3 EPS for the current year.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on DRUG shares. HC Wainwright boosted their price target on Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Jefferies Financial Group started coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They set a "buy" rating and a $145.00 price target on the stock. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a research report on Friday, February 13th. Chardan Capital reaffirmed a "buy" rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Finally, Wall Street Zen lowered Bright Minds Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, April 18th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $128.60.
Get Our Latest Stock Report on DRUG
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company's stock worth $40,000 after acquiring an additional 372 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Bright Minds Biosciences by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company's stock worth $973,000 after acquiring an additional 861 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $73,000. Finally, Strs Ohio increased its holdings in shares of Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company's stock worth $197,000 after acquiring an additional 1,800 shares during the last quarter. 40.52% of the stock is owned by institutional investors and hedge funds.
Bright Minds Biosciences Company Profile
(
Get Free Report)
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.
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