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

Wall Street Zen downgraded shares of Bright Minds Biosciences (NASDAQ:DRUG - Free Report) from a hold rating to a sell rating in a research report report published on Thursday.

DRUG has been the subject of several other research reports. TD Cowen began coverage on shares of Bright Minds Biosciences in a report on Tuesday, May 13th. They issued a "buy" rating for the company. HC Wainwright reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Bright Minds Biosciences in a research note on Wednesday, February 19th. Chardan Capital reiterated a "buy" rating and issued a $80.00 price objective on shares of Bright Minds Biosciences in a report on Wednesday, May 21st. Cowen initiated coverage on Bright Minds Biosciences in a report on Tuesday, May 13th. They set a "buy" rating for the company. Finally, Cantor Fitzgerald raised Bright Minds Biosciences to a "strong-buy" rating in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $83.25.

Bright Minds Biosciences Price Performance

Shares of DRUG stock traded down $0.69 during trading on Thursday, hitting $28.33. 20,723 shares of the stock traded hands, compared to its average volume of 824,976. Bright Minds Biosciences has a 52-week low of $0.93 and a 52-week high of $79.02. The firm has a market capitalization of $199.52 million, a P/E ratio of -166.61 and a beta of -5.32. The firm's fifty day moving average price is $32.22 and its 200-day moving average price is $35.85.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.10. As a group, equities research analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several large investors have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new position in shares of Bright Minds Biosciences in the 4th quarter valued at about $173,000. Jane Street Group LLC acquired a new stake in Bright Minds Biosciences in the fourth quarter valued at approximately $238,000. OMERS ADMINISTRATION Corp acquired a new stake in Bright Minds Biosciences in the first quarter valued at approximately $505,000. Atika Capital Management LLC purchased a new position in Bright Minds Biosciences in the fourth quarter worth approximately $540,000. Finally, Goldman Sachs Group Inc. acquired a new position in Bright Minds Biosciences during the 1st quarter worth approximately $802,000. Hedge funds and other institutional investors own 40.52% of the company's stock.

Bright Minds Biosciences Company Profile

Bright Minds Biosciences Inc, a biotechnology company, develops therapeutics to improve the lives of patients with severe and life-altering diseases in the United States. Its portfolio of selective 5-HT receptor agonists includes 5-HT2C, 5-HT2A, and 5-HT2C/A for the treatment of epilepsy, pain, and neuropsychiatry; and BMB-101 which completes phase 1 trial for undisclosed seizure disorder.