Bright Minds Biosciences (NASDAQ:DRUG) Downgraded to Sell Rating by Wall Street Zen

Bright Minds Biosciences (NASDAQ:DRUG) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other research firms also recently issued reports on DRUG. Chardan Capital reiterated a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a report on Friday, February 13th. Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. 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. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $117.00.

Bright Minds Biosciences Trading Down 2.0%

Shares of NASDAQ:DRUG opened at $83.82 on Friday. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75. The stock’s 50-day moving average price is $83.31 and its two-hundred day moving average price is $66.58. The firm has a market cap of $815.57 million, a price-to-earnings ratio of -43.43 and a beta of -6.18.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly 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. As a group, research analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DRUG. Millennium Management LLC increased its position in shares of Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock worth $6,946,000 after acquiring an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in Bright Minds Biosciences in the first quarter valued at about $802,000. Geode Capital Management LLC acquired a new stake in Bright Minds Biosciences during the 2nd quarter valued at approximately $1,502,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Bright Minds Biosciences during the 2nd quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. increased its holdings in 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 purchasing an additional 1,873 shares during the last quarter. 40.52% of the stock is owned by hedge funds and other institutional investors.

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.