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

Wall Street Zen upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) from a sell rating to a hold rating in a research note published on Saturday morning.

A number of other equities research analysts have also issued reports on DRUG. Chardan Capital reiterated a “buy” rating and set a $80.00 target price on shares of Bright Minds Biosciences in a report on Friday, January 2nd. Robert W. Baird set a $126.00 price objective on Bright Minds Biosciences in a research note on Friday. HC Wainwright reiterated a “buy” rating and issued a $115.00 target price on shares of Bright Minds Biosciences in a report on Tuesday, December 30th. BTIG Research upped their price target on Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Bright Minds Biosciences has a consensus rating of “Moderate Buy” and an average price target of $117.00.

Bright Minds Biosciences Price Performance

Shares of Bright Minds Biosciences stock opened at $77.90 on Friday. The stock has a market capitalization of $757.97 million, a price-to-earnings ratio of -40.36 and a beta of -6.18. The business has a 50-day moving average of $83.28 and a 200 day moving average of $63.35. Bright Minds Biosciences has a 12 month low of $23.17 and a 12 month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.98) by $0.28. Equities research analysts anticipate that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DRUG. Millennium Management LLC lifted its stake in 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 purchasing an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in Bright Minds Biosciences during the first quarter worth approximately $802,000. AdvisorShares Investments LLC lifted its position in shares of Bright Minds Biosciences by 28.4% during the 2nd 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 last quarter. Geode Capital Management LLC acquired a new position in shares of Bright Minds Biosciences in the 2nd quarter valued at $1,502,000. Finally, Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Bright Minds Biosciences in the 2nd quarter valued at $28,000. Hedge funds and other 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.