Bright Minds Biosciences (NASDAQ:DRUG) Major Shareholder Sells $9,785,124.50 in Stock

Bright Minds Biosciences Inc. (NASDAQ:DRUG) major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total transaction 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Bright Minds Biosciences Price Performance

Shares of DRUG stock opened at $86.96 on Friday. The firm has a 50-day moving average of $80.47 and a 200-day moving average of $76.46. The company has a market cap of $846.12 million, a P/E ratio of -45.06 and a beta of -5.36. Bright Minds Biosciences Inc. has a one year low of $23.17 and a one year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last announced 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. As a group, research analysts expect that Bright Minds Biosciences Inc. will post -5.3 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of large investors have recently added to or reduced their stakes in DRUG. Millennium Management LLC increased 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 worth $6,946,000 after buying 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 worth about $802,000. Geode Capital Management LLC purchased a new stake in Bright Minds Biosciences during the second quarter worth about $1,502,000. JPMorgan Chase & Co. increased its holdings in Bright Minds Biosciences by 624.3% during 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 during the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in Bright Minds Biosciences during the second quarter worth about $107,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on DRUG. BTIG Research reiterated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a report on Monday, March 30th. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. HC Wainwright increased their target price on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. 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 target price for the company. Finally, Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a report on Friday, February 13th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.60.

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.