Sei Investments Co. Makes New Investment in Bright Minds Biosciences Inc. $DRUG

Sei Investments Co. bought a new stake in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 11,188 shares of the company’s stock, valued at approximately $816,000. Sei Investments Co. owned about 0.11% of Bright Minds Biosciences as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in DRUG. Royal Bank of Canada grew its stake 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. lifted its stake 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 buying an additional 1,873 shares during the period. Russell Investments Group Ltd. acquired a new position in Bright Minds Biosciences in the third quarter valued at about $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bright Minds Biosciences during the second quarter worth about $66,000. Finally, New York State Common Retirement Fund bought a new position in Bright Minds Biosciences during the second quarter worth about $107,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Price Performance

NASDAQ DRUG opened at $78.00 on Friday. Bright Minds Biosciences Inc. has a one year low of $38.00 and a one year high of $123.75. The firm has a market cap of $758.94 million, a P/E ratio of -31.97 and a beta of -5.27. The stock’s 50-day moving average is $70.55 and its 200-day moving average is $77.17.

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

Wall Street Analysts Forecast Growth

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

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.