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 research report report published on Saturday.

A number of other analysts have also recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday. Zacks Research raised shares of Bright Minds Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Oppenheimer downgraded shares of Bright Minds Biosciences to a “market perform” rating in a research report on Thursday. Finally, BTIG Research restated a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $143.83.

Bright Minds Biosciences Trading Down 0.5%

DRUG opened at $77.03 on Friday. The stock’s fifty day simple moving average is $72.79 and its 200 day simple moving average is $77.11. Bright Minds Biosciences has a 1-year low of $38.00 and a 1-year high of $123.75. The stock has a market cap of $749.66 million, a PE ratio of -37.03 and a beta of -5.27.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Monday, August 17th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($1.22) by $1.05. Equities analysts forecast that Bright Minds Biosciences will post -2.93 earnings per share for the current year.

Institutional Trading of Bright Minds Biosciences

Several large investors have recently bought and sold shares of DRUG. Royal Bank of Canada grew its position in Bright Minds Biosciences by 240.0% in the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after acquiring an additional 372 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after acquiring an additional 1,873 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Bright Minds Biosciences in the 3rd quarter valued at approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at approximately $66,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Bright Minds Biosciences during the 2nd quarter valued at approximately $107,000. 40.52% of the stock is owned by institutional investors and hedge funds.

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.