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

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

Other equities research analysts have also recently issued research reports about the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. BTIG Research increased their price target on shares of Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday. HC Wainwright restated a “buy” rating and set a $115.00 target price on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. Chardan Capital reiterated a “buy” rating and set a $80.00 price target on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. Finally, Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $115.40.

Bright Minds Biosciences Stock Performance

NASDAQ DRUG opened at $86.75 on Friday. The company has a market cap of $675.78 million, a PE ratio of -71.11 and a beta of -6.15. The firm’s 50 day moving average price is $73.17 and its 200-day moving average price is $53.59. Bright Minds Biosciences has a 52-week low of $23.17 and a 52-week high of $123.75.

Hedge Funds Weigh In On Bright Minds Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position 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 purchasing an additional 152,178 shares during the period. Goldman Sachs Group Inc. purchased a new position in Bright Minds Biosciences in the 1st quarter valued at about $802,000. AdvisorShares Investments LLC lifted its stake in Bright Minds Biosciences by 28.4% in the 2nd quarter. AdvisorShares Investments LLC now owns 14,481 shares of the company’s stock valued at $378,000 after buying an additional 3,200 shares in the last quarter. Geode Capital Management LLC acquired a new stake in Bright Minds Biosciences in the 2nd quarter worth about $1,502,000. Finally, Police & Firemen s Retirement System of New Jersey acquired a new position in Bright Minds Biosciences in the 2nd quarter valued at $28,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

Bright Minds Biosciences Company Profile

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.