Bright Minds Biosciences (NASDAQ:DRUG) Upgraded to Hold at Wall Street Zen

Key Points

• Bright Minds Biosciences has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, aligning with the overall positive sentiment among analysts who rate the stock as a "buy" with an average price target of $81.00.
• The stock surged by 6.2% and has shown incredible growth, with a 12-month high of $79.02, while maintaining a market cap of $375.09 million.
• Recent hedge fund activity indicates increasing interest in the company, with significant positions acquired by firms such as Jane Street Group and Millennium Management valued collectively over $1.6 million.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

A number of other brokerages have also recently commented on DRUG. Cantor Fitzgerald reiterated an "overweight" rating on shares of Bright Minds Biosciences in a report on Wednesday, July 2nd. HC Wainwright reiterated a "buy" rating and issued a $85.00 target price on shares of Bright Minds Biosciences in a report on Monday, September 15th. Finally, BTIG Research started coverage on Bright Minds Biosciences in a report on Monday, September 8th. They issued a "buy" rating and a $72.00 target price for the company. 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, Bright Minds Biosciences presently has a consensus rating of "Buy" and an average target price of $81.00.

Bright Minds Biosciences Stock Down 1.8%

Shares of Bright Minds Biosciences stock traded down $0.98 during trading on Friday, hitting $52.30. 40,974 shares of the stock traded hands, compared to its average volume of 54,861. The firm's fifty day moving average is $38.67 and its 200-day moving average is $33.45. Bright Minds Biosciences has a 52 week low of $0.94 and a 52 week high of $79.02. The stock has a market cap of $368.19 million, a price-to-earnings ratio of -56.23 and a beta of -6.13.

Bright Minds Biosciences (NASDAQ:DRUG - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.06. On average, analysts forecast that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Bright Minds Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Bright Minds Biosciences during the second quarter worth about $28,000. JPMorgan Chase & Co. lifted its position 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bright Minds Biosciences during the 2nd quarter valued at approximately $66,000. New York State Common Retirement Fund acquired a new stake in shares of Bright Minds Biosciences during the 2nd quarter valued at approximately $107,000. Finally, Bank of America Corp DE acquired a new stake in shares of Bright Minds Biosciences during the 4th quarter valued at approximately $173,000. 40.52% of the stock is currently owned by institutional investors and hedge funds.

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.