Bright Minds Biosciences (NASDAQ:DRUG) Stock Rating Upgraded by Zacks Research

Bright Minds Biosciences (NASDAQ:DRUG) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

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

Bright Minds Biosciences Stock Performance

NASDAQ:DRUG opened at $75.46 on Tuesday. The stock’s 50 day moving average price is $72.16 and its 200 day moving average price is $78.54. Bright Minds Biosciences has a 52 week low of $26.73 and a 52 week high of $123.75. The company has a market capitalization of $734.23 million, a P/E ratio of -30.93 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.06. As a group, sell-side analysts forecast that Bright Minds Biosciences will post -4.9 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction on 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 completion of the sale, the insider directly owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. This represents a 10.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 42.66% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of DRUG. Seven Fleet Capital Management LP bought a new stake in Bright Minds Biosciences during the first quarter valued at about $467,000. Vivo Capital LLC lifted its position in shares of Bright Minds Biosciences by 11.1% during the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after purchasing an additional 55,555 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Bright Minds Biosciences by 28.8% during the 1st quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock worth $1,417,000 after purchasing an additional 4,347 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock worth $93,518,000 after purchasing an additional 128,329 shares during the last quarter. Finally, ADAR1 Capital Management LLC boosted its stake in Bright Minds Biosciences by 868.6% during 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 period. Institutional investors and hedge funds own 40.52% of the company’s stock.

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.