Bright Minds Biosciences (NASDAQ:DRUG) Downgraded by Wall Street Zen to Sell

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.

DRUG has been the subject of a number of other research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Chardan Capital reissued a “buy” rating and set a $80.00 target price on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Robert W. Baird set a $126.00 price objective on Bright Minds Biosciences in a report on Friday, February 13th. Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Finally, BTIG Research reaffirmed a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a report on Tuesday, February 17th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Bright Minds Biosciences Price Performance

Shares of DRUG stock opened at $83.82 on Friday. The firm has a market cap of $815.57 million, a P/E ratio of -43.43 and a beta of -6.18. Bright Minds Biosciences has a 1-year low of $23.17 and a 1-year high of $123.75. The firm has a fifty day moving average of $83.31 and a two-hundred day moving average of $66.58.

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

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sio Capital Management LLC raised its position in Bright Minds Biosciences by 0.9% during the second quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock valued at $13,377,000 after buying an additional 4,776 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new position in Bright Minds Biosciences during the 2nd quarter valued at about $28,000. Acuta Capital Partners LLC increased its holdings in shares of Bright Minds Biosciences by 75.1% in the 3rd quarter. Acuta Capital Partners LLC now owns 84,875 shares of the company’s stock valued at $5,149,000 after purchasing an additional 36,401 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Bright Minds Biosciences in the third quarter worth approximately $11,339,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Bright Minds Biosciences during the third quarter worth approximately $650,000. 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.