Bright Minds Biosciences (NASDAQ:DRUG) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Bright Minds Biosciences (NASDAQ:DRUG) from a hold rating to a sell rating in a report published on Saturday morning.

DRUG has been the topic of several other reports. Jefferies Financial Group began coverage on Bright Minds Biosciences in a research note on Monday, April 13th. They issued a “buy” rating and a $145.00 price target on the stock. Chardan Capital reaffirmed a “buy” rating and set a $80.00 price objective on shares of Bright Minds Biosciences in a research report on Friday, January 2nd. BTIG Research reiterated a “buy” rating and issued a $147.00 price objective on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research report on Friday, February 13th. Finally, HC Wainwright increased their target price on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $128.60.

Bright Minds Biosciences Price Performance

Shares of NASDAQ:DRUG opened at $90.79 on Friday. The company has a market capitalization of $883.39 million, a price-to-earnings ratio of -47.04 and a beta of -5.34. The business’s 50-day moving average is $79.03 and its 200-day moving average is $74.81. Bright Minds Biosciences has a 1 year low of $23.17 and a 1 year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG) last announced its earnings results on Thursday, February 12th. The company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.98) by $0.28. Analysts anticipate that Bright Minds Biosciences will post -5.3 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRUG. Royal Bank of Canada increased its holdings in shares of Bright Minds Biosciences by 240.0% during the fourth quarter. Royal Bank of Canada now owns 527 shares of the company’s stock valued at $40,000 after acquiring an additional 372 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Bright Minds Biosciences by 7.4% during the fourth 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 during the period. Russell Investments Group Ltd. bought a new position in shares of Bright Minds Biosciences in the 3rd quarter worth $58,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Bright Minds Biosciences in the 3rd quarter valued at $73,000. Finally, JPMorgan Chase & Co. grew its position in Bright Minds Biosciences by 624.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company’s stock valued at $57,000 after purchasing an additional 1,873 shares during the period. Institutional investors 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.