Eventide Asset Management LLC Makes New Investment in Bright Minds Biosciences Inc. $DRUG

Eventide Asset Management LLC acquired a new position in Bright Minds Biosciences Inc. (NASDAQ:DRUG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 103,013 shares of the company’s stock, valued at approximately $8,039,000. Eventide Asset Management LLC owned approximately 1.06% of Bright Minds Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted 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 worth $57,000 after purchasing an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Bright Minds Biosciences in the third quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bright Minds Biosciences in the second quarter worth $66,000. Gordian Capital Singapore Pte Ltd acquired a new position in Bright Minds Biosciences in the third quarter worth $73,000. Finally, New York State Common Retirement Fund acquired a new position in Bright Minds Biosciences in the second quarter worth $107,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on DRUG. Piper Sandler reissued 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. Jefferies Financial Group assumed coverage on Bright Minds Biosciences in a research note on Monday, April 13th. They issued a “buy” rating and a $145.00 target price for the company. HC Wainwright restated a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research report on Monday, June 1st. BTIG Research reaffirmed a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Finally, Wall Street Zen lowered Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.83.

Insider Buying and Selling

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. This represents a 10.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 42.66% of the company’s stock.

Bright Minds Biosciences Stock Performance

Shares of DRUG stock opened at $60.95 on Monday. The company has a market capitalization of $593.04 million, a P/E ratio of -24.98 and a beta of -5.53. The company’s 50 day moving average price is $81.58 and its two-hundred day moving average price is $80.57. 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) last released its quarterly 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. Analysts forecast that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current year.

About Bright Minds Biosciences

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.