33,407 Shares in Bright Minds Biosciences Inc. $DRUG Purchased by Artia Global Partners LP

Artia Global Partners LP acquired a new stake in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 33,407 shares of the company’s stock, valued at approximately $2,607,000. Artia Global Partners LP owned approximately 0.34% of Bright Minds Biosciences at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Royal Bank of Canada grew its stake in Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after acquiring an additional 372 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Bright Minds Biosciences during the 3rd quarter valued at about $58,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Bright Minds Biosciences during the 3rd quarter valued at about $73,000. JPMorgan Chase & Co. grew its stake in Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after acquiring an additional 1,873 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bright Minds Biosciences during the 2nd quarter valued at about $66,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

Insider Buying and Selling at Bright Minds Biosciences

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 shares were 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 owned 950,000 shares of the company’s stock, valued at $85,025,000. This represents a 10.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 42.66% of the stock is currently owned by company insiders.

Bright Minds Biosciences Price Performance

Bright Minds Biosciences stock opened at $59.52 on Thursday. The firm has a 50 day simple moving average of $80.79 and a 200-day simple moving average of $80.43. Bright Minds Biosciences Inc. has a 1-year low of $23.17 and a 1-year high of $123.75. The stock has a market cap of $579.13 million, a price-to-earnings ratio of -24.39 and a beta of -5.53.

Bright Minds Biosciences (NASDAQ:DRUG) last posted 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. Equities analysts expect that Bright Minds Biosciences Inc. will post -4.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on DRUG shares. Jefferies Financial Group started coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They set a “buy” rating and a $145.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. BTIG Research reaffirmed a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, March 30th. HC Wainwright reaffirmed a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Finally, Wall Street Zen cut shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate 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.