Walleye Capital LLC Buys Shares of 103,192 Bright Minds Biosciences Inc. (NASDAQ:DRUG)

Walleye Capital LLC purchased 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. The fund purchased 103,192 shares of the company's stock, valued at approximately $3,717,000. Walleye Capital LLC owned about 2.33% of Bright Minds Biosciences at the end of the most recent reporting period.

Separately, Atika Capital Management LLC purchased a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $540,000. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Stock Up 3.0 %

Shares of NASDAQ DRUG traded up $1.00 during mid-day trading on Wednesday, hitting $34.50. 16,449 shares of the company were exchanged, compared to its average volume of 820,286. The stock has a 50 day simple moving average of $34.27 and a 200-day simple moving average of $36.43. Bright Minds Biosciences Inc. has a 1-year low of $0.93 and a 1-year high of $79.02. The firm has a market cap of $243.02 million, a price-to-earnings ratio of -202.93 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 EPS for the quarter, beating analysts' consensus estimates of ($0.23) by $0.24. Analysts anticipate that Bright Minds Biosciences Inc. will post -1.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on DRUG shares. HC Wainwright reiterated a "buy" rating and set a $85.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Cantor Fitzgerald initiated coverage on Bright Minds Biosciences in a report on Friday, January 10th. They set an "overweight" rating on the stock. Finally, Piper Sandler began coverage on Bright Minds Biosciences in a research report on Thursday, January 23rd. They issued an "overweight" rating and a $93.00 price target on the stock. Four investment 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, Bright Minds Biosciences presently has an average rating of "Buy" and an average target price of $84.33.

About Bright Minds Biosciences

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.