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

Bright Minds Biosciences (NASDAQ:DRUG) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

Several other research analysts have also commented on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Bright Minds Biosciences in a research note on Wednesday, July 2nd. HC Wainwright reissued a “buy” rating and set a $85.00 target price on shares of Bright Minds Biosciences in a research report on Monday, September 15th. Finally, BTIG Research began coverage on Bright Minds Biosciences in a research report on Monday, September 8th. They issued a “buy” rating and a $72.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $81.00.

Bright Minds Biosciences Price Performance

DRUG opened at $53.26 on Friday. The company has a market capitalization of $374.95 million, a PE ratio of -57.27 and a beta of -6.17. Bright Minds Biosciences has a fifty-two week low of $0.94 and a fifty-two week high of $79.02. The business has a 50-day moving average of $43.98 and a 200-day moving average of $34.80.

Bright Minds Biosciences (NASDAQ:DRUG) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.53) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.06. On average, equities research analysts expect that Bright Minds Biosciences will post -1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bright Minds Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of DRUG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bright Minds Biosciences during the 2nd quarter worth about $66,000. Sio Capital Management LLC increased its stake in Bright Minds Biosciences by 0.9% in the second quarter. Sio Capital Management LLC now owns 512,338 shares of the company’s stock valued at $13,377,000 after acquiring an additional 4,776 shares during the period. New York State Common Retirement Fund acquired a new position in Bright Minds Biosciences in the second quarter worth about $107,000. JPMorgan Chase & Co. lifted its stake in Bright Minds Biosciences by 624.3% during 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 period. Finally, Police & Firemen s Retirement System of New Jersey acquired a new stake in Bright Minds Biosciences during the second quarter valued at approximately $28,000. 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.