Bright Minds Biosciences (NASDAQ:DRUG) Stock Rating Lowered by Wall Street Zen

Bright Minds Biosciences (NASDAQ:DRUG) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Friday.

DRUG has been the subject of a number of other research reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Wednesday, July 2nd. BTIG Research started coverage on shares of Bright Minds Biosciences in a report on Monday, September 8th. They issued a “buy” rating and a $72.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and set a $85.00 target price on shares of Bright Minds Biosciences in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $81.00.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock opened at $53.26 on Friday. Bright Minds Biosciences has a 1-year low of $0.94 and a 1-year high of $79.02. The business’s fifty day moving average price is $43.98 and its two-hundred day moving average price is $34.80. The company has a market capitalization of $374.95 million, a P/E ratio of -57.27 and a beta of -6.17.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.06. On average, research analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors have recently bought and sold shares of DRUG. Police & Firemen s Retirement System of New Jersey purchased a new position in Bright Minds Biosciences during the 2nd quarter valued at about $28,000. JPMorgan Chase & Co. grew its position in Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bright Minds Biosciences in the 2nd quarter valued at approximately $66,000. New York State Common Retirement Fund acquired a new position in Bright Minds Biosciences in the 2nd quarter valued at approximately $107,000. Finally, Bank of America Corp DE purchased a new stake in Bright Minds Biosciences in the 4th quarter worth approximately $173,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.