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

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

A number of other equities research analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Bright Minds Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Benchmark reaffirmed a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. HC Wainwright reiterated a “buy” rating and issued a $145.00 target price on shares of Bright Minds Biosciences in a research report on Wednesday, August 19th. Piper Sandler reissued an “overweight” rating and issued a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. Finally, Oppenheimer lowered shares of Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $143.83.

Bright Minds Biosciences Trading Down 1.8%

Shares of Bright Minds Biosciences stock opened at $59.11 on Tuesday. The firm has a market capitalization of $575.14 million, a PE 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 business’s 50-day moving average price is $73.82 and its 200-day moving average price is $75.57.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in Bright Minds Biosciences by 11.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,284,324 shares of the company’s stock valued at $93,518,000 after purchasing an additional 128,329 shares during the period. Eventide Asset Management LLC purchased a new stake in Bright Minds Biosciences in the 4th quarter worth approximately $8,039,000. Vivo Capital LLC lifted its holdings in Bright Minds Biosciences by 11.1% in the 1st quarter. Vivo Capital LLC now owns 557,172 shares of the company’s stock worth $40,657,000 after buying an additional 55,555 shares during the period. Seven Grand Managers LLC bought a new stake in shares of Bright Minds Biosciences in the 4th quarter worth approximately $3,902,000. Finally, Orbimed Advisors LLC bought a new stake in shares of Bright Minds Biosciences in the 1st quarter worth approximately $2,919,000. 40.52% of the stock is owned by hedge funds and other institutional investors.

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.