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

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

Several other equities research analysts also recently issued reports on DRUG. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a report on Friday. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Chardan Capital reiterated a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. BTIG Research raised their price objective on shares of Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Stock Performance

Bright Minds Biosciences stock opened at $77.90 on Friday. The stock has a 50-day simple moving average of $83.28 and a 200 day simple moving average of $63.56. The stock has a market capitalization of $757.97 million, a P/E ratio of -40.36 and a beta of -6.17. 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 released its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.98) by $0.28. Research analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its stake in shares of Bright Minds Biosciences by 376.9% in the first quarter. Millennium Management LLC now owns 192,557 shares of the company’s stock valued at $6,946,000 after buying an additional 152,178 shares during the period. Goldman Sachs Group Inc. acquired a new position in Bright Minds Biosciences in the 1st quarter valued at $802,000. AdvisorShares Investments LLC lifted its position in shares of Bright Minds Biosciences by 28.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock valued at $378,000 after acquiring an additional 3,200 shares during the period. Geode Capital Management LLC acquired a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth $1,502,000. Finally, Police & Firemen s Retirement System of New Jersey bought a new position in shares of Bright Minds Biosciences in the second quarter worth $28,000. 40.52% of the stock is owned by institutional investors.

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.