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

Key Points

• Bright Minds Biosciences has been downgraded from a "hold" to a "sell" rating by analysts at Wall Street Zen.
• Despite the downgrade, the company has a consensus rating of "Buy" with an average target price of $81.00, indicating some continued confidence among other analysts.
• Bright Minds Biosciences reported earnings of ($0.53) per share, which surpassed analysts' expectations, with forecasts suggesting a projected EPS of -1.24 for the current fiscal year.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Friday.

DRUG has been the topic of several other research reports. BTIG Research began coverage on shares of Bright Minds Biosciences in a research note on Monday, September 8th. They issued a "buy" rating and a $72.00 target price on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. Finally, HC Wainwright reissued a "buy" rating and set a $85.00 price objective on shares of Bright Minds Biosciences in a report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $81.00.

Bright Minds Biosciences Price Performance

DRUG stock traded down $2.74 on Friday, reaching $53.26. 99,754 shares of the company were exchanged, compared to its average volume of 92,677. Bright Minds Biosciences has a 12 month low of $0.94 and a 12 month high of $79.02. The stock's fifty day moving average price is $43.98 and its 200 day moving average price is $34.80. The firm has a market capitalization of $374.95 million, a PE ratio of -57.27 and a beta of -6.17.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.06. As a group, research analysts expect that Bright Minds Biosciences will post -1.24 EPS for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

Large investors have recently bought and sold shares of the business. Police & Firemen s Retirement System of New Jersey bought a new stake in Bright Minds Biosciences during the 2nd quarter worth approximately $28,000. JPMorgan Chase & Co. increased its stake in Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock worth $57,000 after purchasing an additional 1,873 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Bright Minds Biosciences during the 2nd quarter worth approximately $66,000. New York State Common Retirement Fund bought a new stake in Bright Minds Biosciences during the 2nd quarter worth approximately $107,000. Finally, Bank of America Corp DE bought a new stake in Bright Minds Biosciences during the 4th quarter worth approximately $173,000. 40.52% of the stock is owned by institutional investors.

About Bright Minds Biosciences

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.

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