Bright Minds Biosciences (NASDAQ:DRUG) Upgraded at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG – Free Report) from a sell rating to a hold rating in a research note published on Saturday.

A number of other analysts have also recently issued reports on the company. BTIG Research began coverage on Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 price objective for the company. Chardan Capital raised Bright Minds Biosciences to a “strong-buy” rating in a report on Wednesday, November 19th. HC Wainwright reaffirmed a “buy” rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, September 15th. Zacks Research downgraded shares of Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Bright Minds Biosciences in a research report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Bright Minds Biosciences has an average rating of “Buy” and a consensus price target of $82.50.

Get Our Latest Analysis on Bright Minds Biosciences

Bright Minds Biosciences Stock Performance

Bright Minds Biosciences stock opened at $78.12 on Friday. Bright Minds Biosciences has a 52 week low of $23.17 and a 52 week high of $97.75. The stock has a market capitalization of $608.55 million, a P/E ratio of -64.03 and a beta of -6.22. The stock has a 50-day simple moving average of $68.61 and a 200 day simple moving average of $50.36.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors have recently modified their holdings of DRUG. Police & Firemen s Retirement System of New Jersey bought a new position in Bright Minds Biosciences during the second quarter worth about $28,000. JPMorgan Chase & Co. grew its position in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock worth $57,000 after purchasing an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Bright Minds Biosciences during the third quarter worth approximately $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences during the second quarter worth approximately $66,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Bright Minds Biosciences in the third quarter valued at approximately $73,000. Institutional investors own 40.52% of the company’s stock.

About Bright Minds Biosciences

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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.

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