Bright Minds Biosciences (NASDAQ:DRUG) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

A number of other analysts have also issued reports on DRUG. Jefferies Financial Group started coverage on Bright Minds Biosciences in a report on Monday, April 13th. They issued a “buy” rating and a $145.00 target price on the stock. Wall Street Zen upgraded Bright Minds Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 4th. Piper Sandler reissued an “overweight” rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research report on Wednesday, May 20th. BTIG Research restated a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $145.00 target price on shares of Bright Minds Biosciences in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $143.83.

Bright Minds Biosciences Price Performance

DRUG stock opened at $75.46 on Tuesday. Bright Minds Biosciences has a 52-week low of $26.73 and a 52-week high of $123.75. The company has a 50-day moving average of $72.16 and a two-hundred day moving average of $78.54. The stock has a market capitalization of $734.23 million, a price-to-earnings ratio of -30.93 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.80) EPS for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.06. Equities analysts expect that Bright Minds Biosciences will post -4.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Bright Minds Biosciences news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the sale, the insider owned 950,000 shares in the company, valued at $85,025,000. The trade was a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 42.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds have recently made changes to their positions in the business. Seven Fleet Capital Management LP bought a new position in shares of Bright Minds Biosciences during the 1st quarter worth about $467,000. Vivo Capital LLC increased its stake in Bright Minds Biosciences by 11.1% in the first quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock valued at $40,657,000 after acquiring an additional 55,555 shares during the period. Bank of America Corp DE raised its position in Bright Minds Biosciences by 28.8% in 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 in the last quarter. Janus Henderson Group PLC raised its position 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 worth $93,518,000 after purchasing an additional 128,329 shares in the last quarter. Finally, ADAR1 Capital Management LLC lifted its stake in Bright Minds Biosciences by 868.6% during the first quarter. ADAR1 Capital Management LLC now owns 33,900 shares of the company’s stock worth $2,474,000 after purchasing an additional 30,400 shares during the period. Institutional investors and hedge funds own 40.52% of the company’s stock.

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.