Zacks Research Downgrades Bright Minds Biosciences (NASDAQ:DRUG) to Hold

Bright Minds Biosciences (NASDAQ:DRUG) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Several other brokerages also recently commented on DRUG. Chardan Capital raised Bright Minds Biosciences to a “strong-buy” rating in a report on Wednesday, November 19th. HC Wainwright reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, September 15th. Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday. Wall Street Zen downgraded shares of Bright Minds Biosciences from a “hold” rating to a “sell” rating in a research report on Friday, October 3rd. Finally, BTIG Research assumed coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They set a “buy” rating and a $72.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bright Minds Biosciences currently has a consensus rating of “Buy” and an average target price of $82.50.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ:DRUG opened at $74.06 on Tuesday. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $75.99. The firm has a market cap of $576.93 million, a PE ratio of -79.63 and a beta of -6.22. The firm’s fifty day moving average is $60.05 and its 200-day moving average is $43.32.

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently made changes to their positions in the stock. Vivo Capital LLC boosted its position in shares of 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 purchasing an additional 250,045 shares in the last quarter. Citadel Advisors LLC bought a new position in Bright Minds Biosciences in the third quarter worth approximately $393,000. Bank of America Corp DE grew its stake in Bright Minds Biosciences by 48.6% in the third quarter. Bank of America Corp DE now owns 7,037 shares of the company’s stock valued at $427,000 after acquiring an additional 2,303 shares during the period. Boothbay Fund Management LLC increased its holdings in shares of Bright Minds Biosciences by 46.7% during the third quarter. Boothbay Fund Management LLC now owns 28,119 shares of the company’s stock valued at $1,706,000 after acquiring an additional 8,955 shares in the last quarter. Finally, Braidwell LP acquired a new position in shares of Bright Minds Biosciences during the third quarter worth approximately $18,422,000. Institutional investors and hedge funds own 40.52% of the company’s stock.

About Bright Minds Biosciences

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.