Bright Minds Biosciences (NASDAQ:DRUG) Upgraded 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 report sent to investors on Saturday morning.

Several other research firms also recently weighed in on DRUG. HC Wainwright increased their price target on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. Chardan Capital reissued a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Finally, BTIG Research reiterated a “buy” rating and set a $147.00 target price on shares of Bright Minds Biosciences in a research report on Tuesday, February 17th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.50.

Bright Minds Biosciences Stock Up 1.2%

NASDAQ DRUG opened at $72.47 on Friday. The company has a 50-day moving average price of $80.53 and a 200-day moving average price of $70.70. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $123.75. The firm has a market capitalization of $705.13 million, a P/E ratio of -37.55 and a beta of -6.03.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.98) by $0.28. As a group, equities research analysts anticipate that Bright Minds Biosciences will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds have recently modified their holdings of the stock. Police & Firemen s Retirement System of New Jersey purchased a new position in Bright Minds Biosciences during the second quarter valued at $28,000. Royal Bank of Canada lifted its stake in Bright Minds Biosciences by 240.0% in the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after purchasing an additional 372 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Bright Minds Biosciences by 624.3% in 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 in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Bright Minds Biosciences during the 3rd quarter valued at about $58,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences during the 2nd quarter valued at about $66,000. 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.