Bright Minds Biosciences (NASDAQ:DRUG) Downgraded to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Bright Minds Biosciences (NASDAQ:DRUG) from a "hold" to a "sell" in a note to investors.
• Overall analyst sentiment remains bullish with six Buy ratings, one Hold and a consensus "Moderate Buy" rating and an average price target of $128.60 despite the downgrade.
• Shares opened at $89.90 with a 52-week range of $23.17–$123.75 and a market cap of about $874.7M; the company reports negative earnings (EPS -$0.70 last quarter, beating estimates of -$0.98).

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

A number of other equities analysts also recently weighed in on DRUG. Robert W. Baird set a $126.00 target price on shares of Bright Minds Biosciences in a research note on Friday, February 13th. HC Wainwright raised their target price on shares of Bright Minds Biosciences from $115.00 to $145.00 and gave the company a "buy" rating in a research note on Wednesday, March 4th. Chardan Capital reaffirmed a "buy" rating and set a $80.00 target price on shares of Bright Minds Biosciences in a research note on Friday, January 2nd. Jefferies Financial Group began coverage on shares of Bright Minds Biosciences in a research note on Monday, April 13th. They set a "buy" rating and a $145.00 target price for the company. Finally, BTIG Research reaffirmed a "buy" rating and set a $147.00 target price on shares of Bright Minds Biosciences in a research note on Monday, March 30th. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $128.60.

Bright Minds Biosciences Stock Performance

Shares of NASDAQ DRUG opened at $89.90 on Friday. Bright Minds Biosciences has a fifty-two week low of $23.17 and a fifty-two week high of $123.75. The company has a 50 day simple moving average of $78.71 and a two-hundred day simple moving average of $74.35. The company has a market capitalization of $874.73 million, a price-to-earnings ratio of -46.58 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last announced its earnings results on Thursday, February 12th. The company reported ($0.70) earnings per share for the quarter, beating analysts' consensus estimates of ($0.98) by $0.28. On average, analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

A number of institutional investors have recently made changes to their positions in DRUG. Millennium Management LLC grew its holdings in shares of Bright Minds Biosciences by 376.9% during the first quarter. Millennium Management LLC now owns 192,557 shares of the company's stock valued at $6,946,000 after buying an additional 152,178 shares during the last quarter. Goldman Sachs Group Inc. purchased a new stake in shares of Bright Minds Biosciences during the first quarter valued at approximately $802,000. Geode Capital Management LLC purchased a new stake in shares of Bright Minds Biosciences during the second quarter valued at approximately $1,502,000. JPMorgan Chase & Co. boosted its holdings in Bright Minds Biosciences by 624.3% in the second quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock worth $57,000 after purchasing an additional 1,873 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new stake in Bright Minds Biosciences in the 2nd quarter worth approximately $107,000. Hedge funds and other 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.

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