Bright Minds Biosciences (NASDAQ:DRUG) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Bright Minds Biosciences (NASDAQ:DRUG) from “hold” to “strong-buy,” reinforcing a bullish analyst view on the stock.
• The broader analyst picture is still positive: the stock now has a consensus “Buy” rating and a consensus price target of $143.83, with several firms maintaining buy-equivalent ratings and targets as high as $220.
• Bright Minds recently reported a smaller-than-expected quarterly loss, posting EPS of ($0.80) versus estimates of ($0.86), while the company continues developing treatments for mental health and neurodegenerative disorders, including its lead candidate BMB-101.

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

DRUG has been the topic of several other reports. HC Wainwright reiterated a "buy" rating and set a $145.00 price objective on shares of Bright Minds Biosciences in a research report on Monday, June 1st. Jefferies Financial Group assumed coverage on Bright Minds Biosciences in a report on Monday, April 13th. They issued a "buy" rating and a $145.00 target price for the company. Wall Street Zen raised Bright Minds Biosciences from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 4th. BTIG Research reiterated a "buy" rating and set a $147.00 price target on shares of Bright Minds Biosciences in a report on Monday, March 30th. Finally, Piper Sandler reiterated an "overweight" rating and set a $220.00 price target (up from $190.00) on shares of Bright Minds Biosciences in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $143.83.

Bright Minds Biosciences Price Performance

Shares of DRUG opened at $75.46 on Tuesday. Bright Minds Biosciences has a one year low of $26.73 and a one year high of $123.75. The company has a 50-day moving average of $72.16 and a two-hundred day moving average of $78.54. The stock has a market cap of $734.23 million, a price-to-earnings ratio of -30.93 and a beta of -5.34.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.86) by $0.06. Analysts anticipate that Bright Minds Biosciences will post -4.9 earnings per share for the current year.

Insider Activity at Bright Minds Biosciences

In related news, major shareholder Cormorant Asset Management, Lp sold 109,331 shares of the firm's stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $89.50, for a total transaction of $9,785,124.50. Following the completion of the sale, the insider directly owned 950,000 shares in the company, valued at approximately $85,025,000. This trade represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 42.66% of the company's stock.

Institutional Investors Weigh In On Bright Minds Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in shares of Bright Minds Biosciences by 240.0% during the 4th quarter. Royal Bank of Canada now owns 527 shares of the company's stock valued at $40,000 after buying an additional 372 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Bright Minds Biosciences by 624.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,173 shares of the company's stock valued at $57,000 after acquiring an additional 1,873 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Bright Minds Biosciences in the third quarter worth $58,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bright Minds Biosciences in the second quarter worth $66,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Bright Minds Biosciences during the second quarter worth $107,000. Hedge funds and other institutional investors own 40.52% of the company's stock.

About Bright Minds Biosciences

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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