Vivo Capital LLC Takes $9.06 Million Position in Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Vivo Capital LLC acquired a new position in shares of Bright Minds Biosciences Inc. (NASDAQ:DRUG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 251,572 shares of the company's stock, valued at approximately $9,062,000. Bright Minds Biosciences accounts for about 1.0% of Vivo Capital LLC's investment portfolio, making the stock its 22nd largest holding. Vivo Capital LLC owned approximately 5.68% of Bright Minds Biosciences as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DRUG. Atika Capital Management LLC acquired a new position in shares of Bright Minds Biosciences in the 4th quarter valued at $540,000. Walleye Capital LLC bought a new position in Bright Minds Biosciences during the fourth quarter worth about $3,717,000. Finally, Springhill Fund Asset Management HK Co Ltd acquired a new position in Bright Minds Biosciences in the fourth quarter valued at about $2,185,000. Institutional investors own 40.52% of the company's stock.

Bright Minds Biosciences Stock Down 2.0 %

Shares of NASDAQ:DRUG traded down $0.68 during mid-day trading on Thursday, reaching $33.42. 23,835 shares of the stock were exchanged, compared to its average volume of 823,732. The stock's 50 day simple moving average is $33.95 and its 200-day simple moving average is $36.63. Bright Minds Biosciences Inc. has a one year low of $0.93 and a one year high of $79.02. The company has a market cap of $235.41 million, a P/E ratio of -196.58 and a beta of -5.50.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.24. Analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on DRUG shares. HC Wainwright reaffirmed a "buy" rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research report on Wednesday, February 19th. Cantor Fitzgerald began coverage on shares of Bright Minds Biosciences in a report on Friday, January 10th. They set an "overweight" rating on the stock. Finally, Piper Sandler began coverage on shares of Bright Minds Biosciences in a report on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 price target for the company. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $84.33.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.