Bright Minds Biosciences (NASDAQ:DRUG) Stock Rating Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Bright Minds Biosciences (NASDAQ:DRUG) from a hold rating to a sell rating in a research note published on Saturday morning,Wall Street Zen reports.

A number of other research firms have also recently weighed in on DRUG. Oppenheimer cut shares of Bright Minds Biosciences to a “market perform” rating in a report on Thursday, August 20th. Lifesci Capital upgraded shares of Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, September 28th. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. BTIG Research reaffirmed a “buy” rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a report on Monday, August 17th. Finally, Benchmark reissued a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $143.83.

Bright Minds Biosciences Price Performance

NASDAQ:DRUG opened at $50.69 on Friday. Bright Minds Biosciences has a 12 month low of $48.53 and a 12 month high of $123.75. The firm has a market capitalization of $493.21 million, a PE ratio of -24.37 and a beta of -5.22. The business’s fifty day moving average price is $68.91 and its 200 day moving average price is $73.62.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.22) by $1.05. As a group, equities analysts anticipate that Bright Minds Biosciences will post -2.93 EPS for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP purchased a new stake in Bright Minds Biosciences during the 2nd quarter valued at approximately $380,000. Bank of New York Mellon Corp acquired a new position in shares of Bright Minds Biosciences in the second quarter valued at approximately $1,046,000. Seven Fleet Capital Management LP acquired a new position in shares of Bright Minds Biosciences in the first quarter valued at approximately $467,000. Vivo Capital LLC raised its stake in shares of Bright Minds Biosciences by 11.1% during the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after purchasing an additional 55,555 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company’s stock worth $1,417,000 after purchasing an additional 4,347 shares during the period. Institutional investors and hedge funds own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.