Bright Minds Biosciences (NASDAQ:DRUG) Stock Rating Upgraded by Wall Street Zen

Bright Minds Biosciences (NASDAQ:DRUG) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

DRUG has been the topic of several other reports. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. BTIG Research began coverage on shares of Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research report on Monday, September 15th. Finally, Chardan Capital raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research note on Wednesday, November 19th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Bright Minds Biosciences presently has an average rating of “Buy” and an average target price of $82.50.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ:DRUG opened at $82.12 on Friday. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $97.75. The company has a market capitalization of $639.71 million, a PE ratio of -67.31 and a beta of -6.22. The company’s fifty day moving average is $68.37 and its 200-day moving average is $50.01.

Institutional Trading of Bright Minds Biosciences

A number of institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at $58,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Bright Minds Biosciences in the second quarter valued at about $28,000. Gordian Capital Singapore Pte Ltd acquired a new position in Bright Minds Biosciences in the third quarter valued at about $73,000. JPMorgan Chase & Co. boosted its holdings in Bright Minds Biosciences by 624.3% during the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after buying an additional 1,873 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Bright Minds Biosciences by 48.6% during the 3rd quarter. Bank of America Corp DE now owns 7,037 shares of the company’s stock worth $427,000 after buying an additional 2,303 shares during the period. Institutional investors and hedge funds 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.