Wall Street Zen Upgrades Bright Minds Biosciences (NASDAQ:DRUG) to Hold

Bright Minds Biosciences (NASDAQ:DRUG) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other equities research analysts also recently commented on DRUG. HC Wainwright reissued a “buy” rating and issued a $115.00 price objective on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a report on Friday. BTIG Research upped their price objective on Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Finally, Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $117.00.

Bright Minds Biosciences Price Performance

DRUG stock opened at $77.90 on Friday. The business’s 50-day moving average is $83.28 and its two-hundred day moving average is $63.16. The firm has a market capitalization of $757.97 million, a P/E ratio of -40.36 and a beta of -6.18. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28. On average, analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current year.

Institutional Trading of Bright Minds Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC lifted its holdings in shares of Bright Minds Biosciences by 376.9% in the 1st quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after purchasing an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in Bright Minds Biosciences during the 1st quarter worth approximately $802,000. AdvisorShares Investments LLC increased its position in Bright Minds Biosciences by 28.4% during the second quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock worth $378,000 after buying an additional 3,200 shares during the period. Geode Capital Management LLC acquired a new position in Bright Minds Biosciences during the second quarter worth approximately $1,502,000. Finally, Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Bright Minds Biosciences in the second quarter valued at approximately $28,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

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.