Walleye Capital LLC Has $3.92 Million Holdings in Bright Minds Biosciences Inc. $DRUG

Walleye Capital LLC grew its holdings in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 108.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,706 shares of the company’s stock after buying an additional 27,880 shares during the period. Walleye Capital LLC owned approximately 0.55% of Bright Minds Biosciences worth $3,919,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Janus Henderson Group PLC lifted its position in shares of Bright Minds Biosciences by 0.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,155,995 shares of the company’s stock valued at $90,832,000 after acquiring an additional 10,335 shares during the period. Vivo Capital LLC grew its holdings in Bright Minds Biosciences by 99.4% in the third quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after purchasing an additional 250,045 shares during the period. Braidwell LP grew its holdings in Bright Minds Biosciences by 6.8% in the fourth quarter. Braidwell LP now owns 324,358 shares of the company’s stock worth $25,313,000 after purchasing an additional 20,673 shares during the period. MPM Bioimpact LLC bought a new stake in Bright Minds Biosciences in the fourth quarter valued at $17,961,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Bright Minds Biosciences by 20.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 225,412 shares of the company’s stock valued at $17,591,000 after purchasing an additional 38,490 shares during the period. Institutional investors and hedge funds own 40.52% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on DRUG. BTIG Research restated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 4th. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday. 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 price objective for the company. Finally, Piper Sandler restated an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $143.83.

Insider Buying and Selling

In other news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was 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 directly owned 950,000 shares of the company’s stock, valued at $85,025,000. This 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 this hyperlink. Corporate insiders own 42.66% of the company’s stock.

Bright Minds Biosciences Price Performance

Shares of NASDAQ DRUG opened at $75.46 on Thursday. The stock has a market capitalization of $734.23 million, a P/E ratio of -30.93 and a beta of -5.34. The company has a 50-day moving average price of $72.16 and a 200-day moving average price of $78.54. Bright Minds Biosciences Inc. has a 1 year low of $26.73 and a 1 year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. As a group, equities research analysts anticipate that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current fiscal 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.