Bright Minds Biosciences (NASDAQ:DRUG) Raised to “Hold” at Wall Street Zen

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

Other research analysts have also issued reports about the stock. Chardan Capital reaffirmed 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 research note on Friday, February 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research note on Monday, December 1st. BTIG Research reiterated a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a report on Tuesday, February 17th. Finally, Zacks Research lowered shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Bright Minds Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $124.50.

Bright Minds Biosciences Price Performance

NASDAQ:DRUG opened at $71.62 on Friday. The firm has a market capitalization of $696.86 million, a price-to-earnings ratio of -37.11 and a beta of -6.04. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $123.75. The business has a 50 day simple moving average of $80.86 and a 200-day simple moving average of $70.09.

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, beating the consensus estimate of ($0.98) by $0.28. As a group, analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sio Capital Management LLC grew its position in Bright Minds Biosciences by 0.9% during the 2nd quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock worth $13,377,000 after purchasing an additional 4,776 shares during the period. Braidwell LP acquired a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at about $18,422,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Bright Minds Biosciences in the second quarter worth about $28,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Bright Minds Biosciences in the third quarter worth about $73,000. Finally, New York State Common Retirement Fund acquired a new stake in Bright Minds Biosciences during the second quarter worth about $107,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.