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

Wall Street Zen upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) from a sell rating to a hold rating in a research report released on Saturday.

DRUG has been the topic of several other reports. Zacks Research cut shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 2nd. Chardan Capital raised shares of Bright Minds Biosciences to a “strong-buy” rating in a research note on Wednesday, November 19th. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. HC Wainwright reiterated a “buy” rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a research report on Monday, September 15th. Finally, BTIG Research initiated coverage on Bright Minds Biosciences in a research note on Monday, September 8th. They issued a “buy” rating and a $72.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $82.50.

Bright Minds Biosciences Stock Down 3.0%

Shares of NASDAQ DRUG opened at $82.12 on Friday. The stock’s 50-day simple moving average is $68.37 and its two-hundred day simple moving average is $49.85. Bright Minds Biosciences has a twelve month low of $23.17 and a twelve month high of $97.75. The firm has a market capitalization of $639.71 million, a P/E ratio of -67.31 and a beta of -6.22.

Institutional Trading of Bright Minds Biosciences

Several institutional investors have recently added to or reduced their stakes in DRUG. Goldman Sachs Group Inc. bought a new position in Bright Minds Biosciences during the 1st quarter worth approximately $802,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Bright Minds Biosciences by 50.9% during the first quarter. Adage Capital Partners GP L.L.C. now owns 200,000 shares of the company’s stock valued at $7,214,000 after purchasing an additional 67,500 shares during the period. OMERS ADMINISTRATION Corp bought a new position in shares of Bright Minds Biosciences in the first quarter worth approximately $505,000. Sio Capital Management LLC increased its stake in shares of Bright Minds Biosciences by 0.9% in the second quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock worth $13,377,000 after buying an additional 4,776 shares during the period. Finally, AdvisorShares Investments LLC raised its holdings in Bright Minds Biosciences by 28.4% during 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 during the last quarter. 40.52% of the stock is currently 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.