Seven Grand Managers LLC Acquires Shares of 50,000 Bright Minds Biosciences Inc. $DRUG

Seven Grand Managers LLC acquired a new stake in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 50,000 shares of the company’s stock, valued at approximately $3,902,000.

Several other institutional investors have also added to or reduced their stakes in DRUG. Millennium Management LLC lifted its holdings in Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. purchased a new stake in Bright Minds Biosciences during the first quarter valued at about $802,000. Geode Capital Management LLC purchased a new stake in Bright Minds Biosciences during the second quarter valued at about $1,502,000. JPMorgan Chase & Co. lifted its holdings in shares of Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after buying an additional 1,873 shares in the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in shares of Bright Minds Biosciences in the second quarter worth about $107,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DRUG. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Robert W. Baird set a $126.00 price target on shares of Bright Minds Biosciences in a report on Friday, February 13th. BTIG Research reissued a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. HC Wainwright increased their price target on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Finally, Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Trading Up 0.9%

Shares of Bright Minds Biosciences stock opened at $87.04 on Thursday. The company’s 50-day moving average price is $81.39 and its 200-day moving average price is $79.39. The company has a market cap of $847.07 million, a price-to-earnings ratio of -35.67 and a beta of -5.35. Bright Minds Biosciences Inc. has a 12-month low of $23.17 and a 12-month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. On average, sell-side analysts predict that Bright Minds Biosciences Inc. will post -4.99 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm’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 sale, the insider directly owned 950,000 shares of the company’s stock, valued at $85,025,000. This trade represents a 10.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 42.66% of the stock is owned by corporate insiders.

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.