Bright Minds Biosciences (NASDAQ:DRUG) Upgraded to Hold 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 released on Saturday.

A number of other equities analysts have also commented on the company. Chardan Capital reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. HC Wainwright increased their target price on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Zacks Research lowered shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. BTIG Research restated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Tuesday, February 17th. Finally, Robert W. Baird set a $126.00 price objective on shares of Bright Minds Biosciences in a research note on Friday, February 13th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $124.50.

Bright Minds Biosciences Stock Down 0.9%

Shares of NASDAQ:DRUG opened at $71.62 on Friday. The firm has a market cap of $696.86 million, a P/E ratio of -37.11 and a beta of -6.04. Bright Minds Biosciences has a 12-month low of $23.17 and a 12-month high of $123.75. The business has a fifty day simple moving average of $80.86 and a 200 day simple moving average of $70.30.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Thursday, February 12th. The company reported ($0.70) EPS for the quarter, topping the consensus estimate of ($0.98) by $0.28. As a group, equities research analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently added to or reduced their stakes in the business. Police & Firemen s Retirement System of New Jersey bought a new stake in Bright Minds Biosciences in the second quarter worth approximately $28,000. Royal Bank of Canada boosted its holdings in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after buying an additional 372 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Bright Minds Biosciences by 624.3% during the 2nd 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 period. Russell Investments Group Ltd. acquired a new stake in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter valued at $66,000. 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.