Commodore Capital LP Sells 481,149 Shares of Bright Minds Biosciences Inc. $DRUG

Commodore Capital LP decreased its position in Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 96.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,851 shares of the company’s stock after selling 481,149 shares during the quarter. Commodore Capital LP’s holdings in Bright Minds Biosciences were worth $1,471,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Braidwell LP bought a new stake in shares of Bright Minds Biosciences during the 3rd quarter valued at $18,422,000. Vivo Capital LLC lifted its position in Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock valued at $30,428,000 after acquiring an additional 250,045 shares during the period. MPM Bioimpact LLC bought a new stake in Bright Minds Biosciences during the fourth quarter worth about $17,961,000. Balyasny Asset Management L.P. bought a new stake in Bright Minds Biosciences during the third quarter worth about $11,339,000. Finally, Millennium Management LLC grew its holdings in Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after purchasing an additional 152,178 shares during the period. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Trading Down 0.5%

Shares of DRUG stock opened at $59.52 on Thursday. The stock has a market capitalization of $579.13 million, a P/E ratio of -24.39 and a beta of -5.53. The firm’s 50 day moving average is $80.79 and its 200 day moving average is $80.43. 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 quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. As a group, equities analysts predict that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DRUG. Jefferies Financial Group began coverage on Bright Minds Biosciences in a research report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target on the stock. Wall Street Zen cut Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Piper Sandler reissued 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. HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Finally, BTIG Research reiterated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday, March 30th. 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.83.

Insider Activity at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the transaction, the insider directly owned 950,000 shares in the company, 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 SEC, which is accessible through this hyperlink. Corporate insiders own 42.66% of the company’s stock.

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.