Zacks Research Downgrades Bright Minds Biosciences (NASDAQ:DRUG) to Hold

Bright Minds Biosciences (NASDAQ:DRUG) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other research analysts also recently commented on the company. HC Wainwright restated a “buy” rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Benchmark reaffirmed a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. Piper Sandler reissued an “overweight” rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, Oppenheimer lowered Bright Minds Biosciences to a “market perform” rating in a report on Thursday, August 20th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Stock Down 1.8%

Shares of NASDAQ:DRUG opened at $59.11 on Tuesday. The company has a market cap of $575.14 million, a PE ratio of -28.42 and a beta of -5.36. Bright Minds Biosciences has a fifty-two week low of $44.25 and a fifty-two week high of $123.75. The firm has a 50-day simple moving average of $73.82 and a 200 day simple moving average of $75.57.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its earnings results on Monday, August 17th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. As a group, research analysts forecast that Bright Minds Biosciences will post -2.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC raised its holdings in Bright Minds Biosciences by 11.1% during the first 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 in the last quarter. Vivo Capital LLC boosted 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 valued at $40,657,000 after purchasing an additional 55,555 shares in the last quarter. Eventide Asset Management LLC bought a new stake in shares of Bright Minds Biosciences during the 4th quarter worth $8,039,000. Walleye Capital LLC boosted its holdings in shares of Bright Minds Biosciences by 108.0% in the first quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock worth $3,919,000 after buying an additional 27,880 shares during the period. Finally, Seven Grand Managers LLC purchased a new position in shares of Bright Minds Biosciences during the fourth quarter valued at $3,902,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapies for neuropsychiatric and neurological disorders. The company’s research centers on selective serotonin receptor agonists designed to address conditions such as treatment-resistant depression, substance use disorders and other disorders involving disrupted brain signaling.

Bright Minds’ lead program, BMB-101, is an orally administered, selective 5-HT2C receptor agonist being developed as a potential treatment for conditions including substance use disorder and related neuropsychiatric indications.