Bright Minds Biosciences (NASDAQ:DRUG) Downgraded 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 report report published on Saturday morning.

Several other equities analysts have also recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $115.00 price target on shares of Bright Minds Biosciences in a research report on Tuesday, December 30th. BTIG Research reissued a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Tuesday, February 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. Robert W. Baird set a $126.00 price target on Bright Minds Biosciences in a research report on Friday, February 13th. Finally, Zacks Research cut Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 2nd. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bright Minds Biosciences has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bright Minds Biosciences Trading Down 2.0%

Shares of DRUG stock opened at $83.82 on Friday. The firm has a market capitalization of $815.57 million, a price-to-earnings ratio of -43.43 and a beta of -6.18. The business’s 50-day moving average price is $83.31 and its 200-day moving average price is $66.77. Bright Minds Biosciences has a 12 month low of $23.17 and a 12 month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.70) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.98) by $0.28. On average, sell-side analysts predict that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in shares of Bright Minds Biosciences during the 4th quarter worth approximately $226,000. Invesco Ltd. bought a new position in shares of Bright Minds Biosciences in the fourth quarter valued at approximately $328,000. Ikarian Capital LLC increased its position in shares of Bright Minds Biosciences by 933.1% during the fourth quarter. Ikarian Capital LLC now owns 159,421 shares of the company’s stock valued at $12,441,000 after acquiring an additional 143,990 shares during the last quarter. Wellington Management Group LLP bought a new stake in Bright Minds Biosciences during the fourth quarter worth $1,068,000. Finally, Millennium Management LLC boosted its position in Bright Minds Biosciences by 153.6% in the fourth quarter. Millennium Management LLC now owns 194,437 shares of the company’s stock worth $15,174,000 after purchasing an additional 117,756 shares during the last quarter. 40.52% of the stock is owned by institutional investors.

About Bright Minds Biosciences

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.