Perceptive Advisors LLC Has $27.55 Million Stock Holdings in Bright Minds Biosciences Inc. $DRUG

Perceptive Advisors LLC reduced its stake in Bright Minds Biosciences Inc. (NASDAQ:DRUG) by 16.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 377,544 shares of the company’s stock after selling 71,746 shares during the period. Perceptive Advisors LLC’s holdings in Bright Minds Biosciences were worth $27,549,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada boosted its position in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares in the last quarter. JPMorgan Chase & Co. increased its position in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after buying an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in Bright Minds Biosciences in the 3rd quarter valued at about $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Bright Minds Biosciences in the 2nd quarter valued at about $66,000. Finally, New York State Common Retirement Fund acquired a new position in Bright Minds Biosciences during the 2nd quarter worth approximately $107,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Price Performance

DRUG opened at $73.26 on Friday. Bright Minds Biosciences Inc. has a fifty-two week low of $31.80 and a fifty-two week high of $123.75. The firm has a market capitalization of $712.82 million, a PE ratio of -30.02 and a beta of -5.34. The company’s 50-day moving average is $71.18 and its 200 day moving average is $77.82.

Bright Minds Biosciences (NASDAQ:DRUG) last announced 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. As a group, analysts expect that Bright Minds Biosciences Inc. will post -4.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on DRUG. Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. 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. HC Wainwright reaffirmed a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Zacks Research upgraded Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, Jefferies Financial Group started coverage on shares of Bright Minds Biosciences in a research report on Monday, April 13th. They issued a “buy” rating and a $145.00 price target for the company. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $143.83.

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.