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 report published on Saturday morning.

A number of other equities research analysts have also recently commented on the company. Zacks Research cut 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 objective on shares of Bright Minds Biosciences in a research report on Tuesday, February 17th. Robert W. Baird set a $126.00 price objective on Bright Minds Biosciences in a research report on Friday, February 13th. HC Wainwright reissued a “buy” rating and issued a $115.00 target price on shares of Bright Minds Biosciences in a research note on Tuesday, December 30th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Bright Minds Biosciences has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Bright Minds Biosciences Stock Down 1.2%

Bright Minds Biosciences stock opened at $82.81 on Friday. The firm has a market capitalization of $805.74 million, a PE ratio of -42.91 and a beta of -6.03. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $123.75. The firm’s 50-day simple moving average is $83.30 and its 200 day simple moving average is $67.24.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.98) by $0.28. On average, research analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings 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. Charles Schwab Investment Management Inc. lifted its stake in shares of Bright Minds Biosciences by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock valued at $973,000 after purchasing an additional 861 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences in the 3rd quarter valued at about $58,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Bright Minds Biosciences during the 2nd quarter worth about $28,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Bright Minds Biosciences during the 3rd quarter worth approximately $73,000. 40.52% of the stock is owned by hedge funds and other 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.