Bright Minds Biosciences (NASDAQ:DRUG) Lowered to Sell Rating by 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 released on Saturday morning.

Other equities research analysts also recently issued reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a report on Monday, December 1st. Chardan Capital reaffirmed a “buy” rating and issued a $80.00 price target on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. BTIG Research increased their price objective on Bright Minds Biosciences from $72.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. HC Wainwright reissued a “buy” rating and set a $115.00 price objective on shares of Bright Minds Biosciences in a report on Tuesday, December 30th. Finally, Zacks Research lowered shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Bright Minds Biosciences presently has an average rating of “Moderate Buy” and an average target price of $115.40.

Bright Minds Biosciences Stock Performance

Shares of Bright Minds Biosciences stock opened at $86.75 on Friday. The firm has a market cap of $675.78 million, a P/E ratio of -71.11 and a beta of -6.15. The firm’s 50-day simple moving average is $73.17 and its 200-day simple moving average is $53.77. Bright Minds Biosciences has a twelve month low of $23.17 and a twelve month high of $123.75.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Braidwell LP acquired a new position in Bright Minds Biosciences during the 3rd quarter worth about $18,422,000. Vivo Capital LLC lifted its position in shares of Bright Minds Biosciences by 99.4% during the third 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. Balyasny Asset Management L.P. bought a new stake in shares of Bright Minds Biosciences during the third quarter valued at approximately $11,339,000. Millennium Management LLC increased its holdings 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 valued at $6,946,000 after purchasing an additional 152,178 shares in the last quarter. Finally, Geode Capital Management LLC bought a new position in Bright Minds Biosciences in the 2nd quarter worth approximately $1,502,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.