Bright Minds Biosciences (NASDAQ:DRUG) Upgraded by Wall Street Zen to “Sell” Rating

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

Several other research firms have also issued reports on DRUG. Piper Sandler reissued an “overweight” rating and issued a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. Jefferies Financial Group started coverage on shares of Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 price objective for the company. BTIG Research reiterated a “buy” rating and issued a $147.00 price target on shares of Bright Minds Biosciences in a research report on Monday, March 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a report on Monday, June 1st. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Price Performance

NASDAQ:DRUG opened at $67.60 on Friday. The company has a market capitalization of $657.75 million, a P/E ratio of -27.70 and a beta of -5.34. The business has a fifty day simple moving average of $75.73 and a two-hundred day simple moving average of $79.39. Bright Minds Biosciences has a 1 year low of $24.00 and a 1 year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.06. As a group, analysts anticipate that Bright Minds Biosciences will post -4.9 earnings per share for the current year.

Insiders Place Their Bets

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total value of $9,785,124.50. Following the transaction, the insider directly owned 950,000 shares in the company, valued at $85,025,000. This represents a 10.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 42.66% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of DRUG. Millennium Management LLC increased 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 worth $6,946,000 after purchasing an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in Bright Minds Biosciences in the 1st quarter worth approximately $802,000. Geode Capital Management LLC purchased a new position in Bright Minds Biosciences in the 2nd quarter worth approximately $1,502,000. JPMorgan Chase & Co. increased its holdings in shares of Bright Minds Biosciences by 624.3% in 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 last quarter. Finally, New York State Common Retirement Fund bought a new position in shares of Bright Minds Biosciences in the 2nd quarter worth $107,000. Hedge funds and other institutional investors own 40.52% of the company’s stock.

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.