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 report issued on Saturday.

DRUG has been the topic of several other reports. BTIG Research lifted their price objective on Bright Minds Biosciences from $72.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Chardan Capital reaffirmed a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. HC Wainwright reiterated a “buy” rating and set a $115.00 price objective on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Finally, Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Bright Minds Biosciences Stock Down 3.3%

Shares of NASDAQ DRUG opened at $77.90 on Friday. The stock has a market capitalization of $757.97 million, a PE ratio of -40.36 and a beta of -6.17. The firm has a fifty day moving average of $83.22 and a 200-day moving average of $63.87. Bright Minds Biosciences has a 52-week low of $23.17 and a 52-week high of $123.75.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Sio Capital Management LLC grew its stake in shares of Bright Minds Biosciences by 0.9% during the second quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock valued at $13,377,000 after acquiring an additional 4,776 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Bright Minds Biosciences in the second quarter worth about $28,000. AdvisorShares Investments LLC boosted its holdings in Bright Minds Biosciences by 28.4% in the second quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock valued at $378,000 after purchasing an additional 3,200 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in Bright Minds Biosciences during the 1st quarter valued at approximately $802,000. Finally, Eventide Asset Management LLC purchased a new stake in Bright Minds Biosciences during the 4th quarter worth approximately $8,039,000. 40.52% of the stock is owned by institutional investors and hedge funds.

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.