Bright Minds Biosciences (NASDAQ:DRUG) Downgraded to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Bright Minds Biosciences (NASDAQ:DRUG) from a strong-buy rating to a hold rating in a report issued on Tuesday,Zacks reports.

Other analysts have also issued research reports about the stock. Piper Sandler reaffirmed an “overweight” rating and set a $220.00 target price (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. Oppenheimer downgraded Bright Minds Biosciences to a “market perform” rating in a report on Thursday, August 20th. Wall Street Zen raised Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Benchmark restated a “buy” rating on shares of Bright Minds Biosciences in a research report on Thursday, August 20th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $143.83.

Bright Minds Biosciences Stock Down 1.8%

Shares of DRUG stock opened at $59.11 on Tuesday. The firm has a market cap of $575.14 million, a price-to-earnings ratio of -28.42 and a beta of -5.36. Bright Minds Biosciences has a 12 month low of $44.25 and a 12 month high of $123.75. The stock has a 50-day moving average price of $73.82 and a 200 day moving average price of $75.57.

Bright Minds Biosciences (NASDAQ:DRUG) last released its earnings results on Monday, August 17th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $1.05. Sell-side analysts predict that Bright Minds Biosciences will post -2.93 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

Large investors have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its stake in Bright Minds Biosciences by 11.1% in the first quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after buying an additional 128,329 shares in the last quarter. Vivo Capital LLC raised its stake in shares of Bright Minds Biosciences by 11.1% in the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after purchasing an additional 55,555 shares during the period. Eventide Asset Management LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $8,039,000. Walleye Capital LLC lifted its holdings in shares of Bright Minds Biosciences by 108.0% in the first quarter. Walleye Capital LLC now owns 53,706 shares of the company’s stock valued at $3,919,000 after purchasing an additional 27,880 shares in the last quarter. Finally, Seven Grand Managers LLC acquired a new position in shares of Bright Minds Biosciences during the fourth quarter worth about $3,902,000. 40.52% of the stock is owned by institutional investors.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapies for neuropsychiatric and neurological disorders. The company’s research centers on selective serotonin receptor agonists designed to address conditions such as treatment-resistant depression, substance use disorders and other disorders involving disrupted brain signaling.

Bright Minds’ lead program, BMB-101, is an orally administered, selective 5-HT2C receptor agonist being developed as a potential treatment for conditions including substance use disorder and related neuropsychiatric indications.