Bright Minds Biosciences (NASDAQ:DRUG) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Bright Minds Biosciences (NASDAQ:DRUG) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

Several other analysts also recently issued reports on the company. Lifesci Capital raised Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, September 28th. Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. Zacks Research lowered Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 15th. HC Wainwright reissued a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Finally, BTIG Research restated a “buy” rating and issued a $147.00 target price on shares of Bright Minds Biosciences in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $143.83.

Bright Minds Biosciences Stock Performance

Shares of DRUG opened at $49.79 on Friday. The firm has a market cap of $484.46 million, a P/E ratio of -23.94 and a beta of -5.22. Bright Minds Biosciences has a twelve month low of $48.53 and a twelve month high of $123.75. The firm’s 50 day moving average price is $68.47 and its two-hundred day moving average price is $73.47.

Bright Minds Biosciences (NASDAQ:DRUG) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.22) by $1.05. On average, sell-side analysts anticipate that Bright Minds Biosciences will post -2.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bright Minds Biosciences

Several hedge funds have recently modified their holdings of the stock. Strs Ohio raised its holdings in Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after acquiring an additional 1,800 shares in the last quarter. Engineers Gate Manager LP bought a new position in Bright Minds Biosciences in the second quarter valued at approximately $380,000. Seven Fleet Capital Management LP acquired a new position in shares of Bright Minds Biosciences during the 1st quarter worth approximately $467,000. Sei Investments Co. acquired a new position in shares of Bright Minds Biosciences during the 1st quarter worth approximately $816,000. Finally, AdvisorShares Investments LLC raised its stake in shares of Bright Minds Biosciences by 26.8% during the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after purchasing an additional 2,669 shares in the last quarter. Institutional investors 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 therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.