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

Bright Minds Biosciences (NASDAQ:DRUG) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other brokerages also recently weighed in on DRUG. BTIG Research reiterated 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 target price on Bright Minds Biosciences in a research report on Friday, February 13th. HC Wainwright lifted their price target on Bright Minds Biosciences from $115.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Zacks Research cut Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $124.50.

Bright Minds Biosciences Price Performance

NASDAQ:DRUG opened at $71.62 on Friday. The company has a 50 day moving average price of $80.86 and a 200-day moving average price of $70.09. Bright Minds Biosciences has a 1-year low of $23.17 and a 1-year high of $123.75. The firm has a market cap of $696.86 million, a price-to-earnings ratio of -37.11 and a beta of -6.04.

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

Hedge Funds Weigh In On Bright Minds Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in DRUG. Braidwell LP acquired a new stake in Bright Minds Biosciences in the third quarter valued at approximately $18,422,000. Vivo Capital LLC grew its holdings in Bright Minds Biosciences by 99.4% during the 3rd quarter. Vivo Capital LLC now owns 501,617 shares of the company’s stock worth $30,428,000 after acquiring an additional 250,045 shares in the last quarter. MPM Bioimpact LLC purchased a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at approximately $17,961,000. Balyasny Asset Management L.P. purchased a new stake in shares of Bright Minds Biosciences in the 3rd quarter valued at approximately $11,339,000. Finally, Millennium Management LLC raised its holdings in shares of Bright Minds Biosciences by 376.9% in the 1st 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 in the last quarter. 40.52% of the stock is owned by institutional investors and hedge funds.

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.