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

Key Points

• Zacks Research downgraded Bright Minds Biosciences from “strong buy” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with seven Buy ratings and two Holds.
• Analysts’ consensus price target is $143.83, with individual targets ranging from $145 to $220; the stock opened at $59.11 and has traded between $44.25 and $123.75 over the past year.
• Bright Minds reported quarterly EPS of -$0.17, beating the consensus estimate of -$1.22. Institutional investors own 40.52% of the company, which is developing serotonin-based therapies led by its BMB-101 program.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday, Zacks reports.

Other equities analysts also recently issued reports about the company. Benchmark reaffirmed a "buy" rating on shares of Bright Minds Biosciences in a research note on Thursday, August 20th. HC Wainwright reaffirmed a "buy" rating and set a $145.00 price target on shares of Bright Minds Biosciences in a research note on Wednesday, August 19th. Piper Sandler reissued an "overweight" rating and issued a $220.00 price objective (up from $190.00) on shares of Bright Minds Biosciences in a research note on Wednesday, May 20th. BTIG Research restated a "buy" rating and set a $147.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, August 17th. Finally, Oppenheimer downgraded shares of Bright Minds Biosciences to a "market perform" rating in a research note on Thursday, August 20th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Bright Minds Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.83.

Bright Minds Biosciences Price Performance

DRUG stock opened at $59.11 on Tuesday. Bright Minds Biosciences has a 1 year low of $44.25 and a 1 year high of $123.75. The business's 50-day moving average is $73.82 and its two-hundred day moving average is $75.57. The firm has a market capitalization of $575.14 million, a P/E ratio of -28.42 and a beta of -5.36.

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

Hedge Funds Weigh In On Bright Minds Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in shares of 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 buying an additional 128,329 shares during the last quarter. Vivo Capital LLC increased its position in shares of 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 purchasing an additional 55,555 shares during the last quarter. Eventide Asset Management LLC acquired a new stake in shares of Bright Minds Biosciences in the 4th quarter valued at about $8,039,000. Walleye Capital LLC grew its stake in Bright Minds Biosciences by 108.0% in the first quarter. Walleye Capital LLC now owns 53,706 shares of the company's stock worth $3,919,000 after purchasing an additional 27,880 shares in the last quarter. Finally, Seven Grand Managers LLC bought a new stake in Bright Minds Biosciences in the fourth quarter valued at about $3,902,000. Institutional investors and hedge funds own 40.52% of the company's stock.

Bright Minds Biosciences Company Profile

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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