Bright Minds Biosciences (NASDAQ:DRUG) Stock Rating Upgraded by Zacks Research

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

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

Bright Minds Biosciences Trading Down 2.4%

NASDAQ DRUG opened at $75.46 on Tuesday. The stock has a market capitalization of $734.23 million, a price-to-earnings ratio of -30.93 and a beta of -5.34. The business’s 50 day moving average is $72.16 and its two-hundred day moving average is $78.54. Bright Minds Biosciences has a 12-month low of $26.73 and a 12-month high of $123.75.

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

Insiders Place Their Bets

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of Bright Minds Biosciences stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the completion of the transaction, the insider directly owned 950,000 shares of the company’s stock, valued at approximately $85,025,000. The trade was a 10.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 42.66% of the stock is owned by insiders.

Institutional Trading of Bright Minds Biosciences

Several large investors have recently bought and sold shares of the company. Royal Bank of Canada raised its position in Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock worth $40,000 after acquiring an additional 372 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Bright Minds Biosciences by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465 shares of the company’s stock worth $973,000 after purchasing an additional 861 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences during the 3rd quarter worth approximately $58,000. Strs Ohio lifted its stake in Bright Minds Biosciences by 200.0% in the 1st quarter. Strs Ohio now owns 2,700 shares of the company’s stock valued at $197,000 after buying an additional 1,800 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after buying an additional 1,873 shares during the last quarter. Institutional investors and hedge funds own 40.52% of the company’s stock.

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.