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

by · The Markets Daily

Bright Minds Biosciences (NASDAQ:DRUG – Get Free Report) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

Other research analysts also recently issued reports about the company. Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 15th. Lifesci Capital upgraded Bright Minds Biosciences to a “strong-buy” rating in a research note on Monday, September 28th. Oppenheimer downgraded Bright Minds Biosciences to a “market perform” rating in a research report on Thursday, August 20th. BTIG Research reaffirmed a “buy” rating and set a $147.00 price target on shares of Bright Minds Biosciences in a research note on Monday, August 17th. Finally, Benchmark reiterated a “buy” rating on shares of Bright Minds Biosciences in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $143.83.

Check Out Our Latest Analysis on DRUG

Bright Minds Biosciences Stock Performance

Shares of NASDAQ DRUG opened at $50.69 on Friday. The company has a fifty day moving average price of $68.91 and a 200 day moving average price of $73.62. The firm has a market cap of $493.21 million, a PE ratio of -24.37 and a beta of -5.22. Bright Minds Biosciences has a 1-year low of $48.53 and a 1-year high of $123.75.

Bright Minds Biosciences (NASDAQ:DRUG – Get Free Report) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.22) by $1.05. Equities research analysts forecast that Bright Minds Biosciences will post -2.93 EPS for the current year.

Hedge Funds Weigh In On Bright Minds Biosciences

Hedge funds have recently modified their holdings of the stock. Strs Ohio raised its holdings in Bright Minds Biosciences by 200.0% during the first quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $197,000 after acquiring an additional 1,800 shares in the last quarter. Engineers Gate Manager LP bought a new position in Bright Minds Biosciences in the second quarter valued at approximately $380,000. Seven Fleet Capital Management LP bought a new position in Bright Minds Biosciences in the first quarter valued at approximately $467,000. Sei Investments Co. acquired a new position in shares of Bright Minds Biosciences during the 1st quarter worth approximately $816,000. Finally, AdvisorShares Investments LLC increased its position in shares of Bright Minds Biosciences by 26.8% during the 1st quarter. AdvisorShares Investments LLC now owns 12,613 shares of the company’s stock worth $920,000 after purchasing an additional 2,669 shares during the last quarter. Institutional investors own 40.52% of the company’s stock.

Bright Minds Biosciences Company Profile

(Get Free Report)

Bright Minds Biosciences Inc is a biotechnology company focused on developing next-generation therapeutics for neuropsychiatric and neurological disorders. The company’s research is centered on selective serotonin receptor agonists designed to address conditions involving disrupted brain signaling while potentially avoiding some of the adverse effects associated with older serotonergic medicines.

Bright Minds’ lead product candidate is BMB-101, a selective 5-HT2C receptor agonist being developed for disorders including epilepsy and other conditions involving neuronal hyperexcitability.

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