Bright Minds Biosciences (NASDAQ:DRUG) Upgraded at Zacks Research

Zacks Research upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

A number of other research analysts also recently commented on DRUG. Wall Street Zen raised Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Piper Sandler reiterated an “overweight” rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. HC Wainwright reiterated a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, June 1st. Jefferies Financial Group assumed coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They issued a “buy” rating and a $145.00 target price on the stock. Finally, BTIG Research reiterated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $143.83.

Bright Minds Biosciences Stock Down 5.5%

DRUG opened at $71.29 on Tuesday. The firm’s 50 day moving average is $72.03 and its 200-day moving average is $78.45. Bright Minds Biosciences has a 52-week low of $29.28 and a 52-week high of $123.75. The firm has a market capitalization of $693.65 million, a P/E ratio of -29.22 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.06. Equities analysts expect that Bright Minds Biosciences will post -4.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the sale, the insider owned 950,000 shares in the company, valued at $85,025,000. This represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 42.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Bright Minds Biosciences

Several hedge funds have recently made changes to their positions in DRUG. Seven Fleet Capital Management LP acquired a new position in Bright Minds Biosciences during the 1st quarter valued at approximately $467,000. Vivo Capital LLC boosted its holdings in shares of Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after acquiring an additional 55,555 shares during the period. Bank of America Corp DE grew its position in shares of Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock worth $1,417,000 after acquiring an additional 4,347 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Bright Minds Biosciences by 11.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after acquiring an additional 128,329 shares during the period. Finally, ADAR1 Capital Management LLC lifted its position in Bright Minds Biosciences by 868.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock valued at $2,474,000 after purchasing an additional 30,400 shares during the last quarter. Institutional investors 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.