Bright Minds Biosciences (NASDAQ:DRUG) Stock Rating Raised to “Strong-Buy” at Lifesci Capital

Lifesci Capital upgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) to a strong-buy rating in a research note published on Monday morning,Zacks reports.

Other research analysts also recently issued research reports about the company. Oppenheimer downgraded Bright Minds Biosciences to a “market perform” rating in a research note on Thursday, August 20th. HC Wainwright reissued a “buy” rating and issued a $145.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Wall Street Zen raised shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. Finally, Benchmark reaffirmed a “buy” rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bright Minds Biosciences presently has an average rating of “Moderate Buy” and an average price target of $143.83.

Bright Minds Biosciences Stock Down 3.7%

Shares of NASDAQ:DRUG opened at $49.74 on Monday. The firm has a fifty day moving average of $70.28 and a two-hundred day moving average of $74.10. The firm has a market capitalization of $483.97 million, a P/E ratio of -23.91 and a beta of -5.36. Bright Minds Biosciences has a 12-month low of $48.94 and a 12-month high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last posted its quarterly earnings results on Monday, August 17th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($1.22) by $1.05. Equities research analysts expect that Bright Minds Biosciences will post -2.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Strs Ohio grew its position in Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after buying an additional 1,800 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth approximately $380,000. Seven Fleet Capital Management LP acquired a new stake in shares of Bright Minds Biosciences during the 1st quarter worth approximately $467,000. Sei Investments Co. bought a new stake in shares of Bright Minds Biosciences in the 1st quarter valued at approximately $816,000. Finally, AdvisorShares Investments LLC lifted its holdings in Bright Minds Biosciences by 26.8% during the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock valued at $920,000 after purchasing an additional 2,669 shares during the last quarter. Institutional investors and hedge funds own 40.52% of the company’s stock.

About Bright Minds Biosciences

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.