Bright Minds Biosciences (NASDAQ:DRUG) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Bright Minds Biosciences from “hold” to “sell,” although broader analyst sentiment remains “Moderate Buy,” with an average price target of $143.83.
• Bright Minds shares opened at $50.69, up 3.0%, but remain well below their 52-week high of $123.75. The company reported quarterly EPS of -$0.17, beating estimates of -$1.22.
• Institutional investors own approximately 40.52% of the company, while Bright Minds continues developing BMB-101, a selective serotonin receptor agonist targeting neuropsychiatric and neurological disorders.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other research analysts also recently commented on DRUG. Oppenheimer downgraded shares of Bright Minds Biosciences to a "market perform" rating in a report on Thursday, August 20th. Benchmark reiterated a "buy" rating on shares of Bright Minds Biosciences in a research report on Thursday, August 20th. BTIG Research reissued a "buy" rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday, August 17th. Zacks Research cut Bright Minds Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 15th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $145.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $143.83.

Bright Minds Biosciences Stock Up 3.0%

Shares of Bright Minds Biosciences stock opened at $50.69 on Friday. The company has a market capitalization of $493.21 million, a price-to-earnings ratio of -24.37 and a beta of -5.22. The stock's 50-day simple moving average is $68.91 and its 200-day simple moving average is $73.62. Bright Minds Biosciences has a 52 week low of $48.53 and a 52 week high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last posted its quarterly earnings results on Friday, August 14th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($1.22) by $1.05. On average, equities analysts expect that Bright Minds Biosciences will post -2.93 earnings per share for the current year.

Institutional Trading of Bright Minds Biosciences

Several institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new position in Bright Minds Biosciences during the 2nd quarter worth $380,000. Bank of New York Mellon Corp purchased a new stake in shares of Bright Minds Biosciences in the 2nd quarter worth $1,046,000. Seven Fleet Capital Management LP bought a new position in shares of Bright Minds Biosciences during the 1st quarter worth $467,000. Vivo Capital LLC grew its position in shares of Bright Minds Biosciences by 11.1% during 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 in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Bright Minds Biosciences by 28.8% during the first quarter. Bank of America Corp DE now owns 19,422 shares of the company's stock valued at $1,417,000 after buying an additional 4,347 shares during the period. Institutional investors 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.

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