Sei Investments Co. Makes New $816,000 Investment in Bright Minds Biosciences Inc. $DRUG

Sei Investments Co. purchased a new stake in Bright Minds Biosciences Inc. (NASDAQ:DRUG) during the 1st quarter, Holdings Channel.com reports. The firm purchased 11,188 shares of the company’s stock, valued at approximately $816,000.

Several other institutional investors and hedge funds also recently modified their holdings of DRUG. Royal Bank of Canada grew its holdings in shares of Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after buying an additional 372 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Bright Minds Biosciences by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after acquiring an additional 861 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. Strs Ohio boosted its position in Bright Minds Biosciences by 200.0% during the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after acquiring an additional 1,800 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares in the last quarter. 40.52% of the stock is owned by institutional investors and hedge funds.

Bright Minds Biosciences Trading Down 1.7%

NASDAQ:DRUG opened at $78.00 on Friday. Bright Minds Biosciences Inc. has a 1-year low of $38.00 and a 1-year high of $123.75. The firm has a fifty day simple moving average of $70.55 and a 200 day simple moving average of $77.17. The stock has a market capitalization of $758.94 million, a PE ratio of -31.97 and a beta of -5.27.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. On average, equities analysts predict that Bright Minds Biosciences Inc. will post -4.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

DRUG has been the topic of a number of recent research reports. Zacks Research upgraded shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Piper Sandler restated an “overweight” rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Wall Street Zen raised shares of Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price 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.