Bright Minds Biosciences (NASDAQ:DRUG) has received a significant upgrade from Wall Street Zen, moving from a “sell” rating to a “hold” rating in a recent note issued to investors. This change reflects a shift in sentiment among analysts, following a series of evaluations of the company’s stock performance.
In addition to Wall Street Zen’s upgrade, other analysts have also provided insights into Bright Minds’ stock. On December 2, 2023, Zacks Research downgraded the company from a “strong-buy” rating to a “hold” rating. Meanwhile, Cantor Fitzgerald reaffirmed an “overweight” rating in a report released on December 1, 2023. BTIG Research initiated coverage of Bright Minds on September 8, 2023, issuing a “buy” rating alongside a target price of $72.00. Subsequently, HC Wainwright reiterated a “buy” rating with a target price of $85.00 on September 15, 2023. Chardan Capital also raised its rating for Bright Minds to a “strong-buy” on November 19, 2023.
Currently, one investment analyst has assigned a Strong Buy rating for the stock, while six analysts have issued a Buy rating and one has given a Hold rating. According to data from MarketBeat, Bright Minds Biosciences has an average rating of “Buy” and an average target price of $82.50.
Institutional Trading Activity
Recent trading activity has seen various institutional investors adjust their holdings in Bright Minds Biosciences. Russell Investments Group Ltd. acquired a new position in the company during the third quarter, valued at approximately $58,000. Similarly, the Police & Firemen’s Retirement System of New Jersey bought a new stake in the second quarter, valued at about $28,000.
Gordian Capital Singapore Pte Ltd also established a new position in the third quarter, valued at around $73,000. Notably, JPMorgan Chase & Co. increased its holdings by 624.3% during the second quarter, now owning 2,173 shares worth $57,000 after acquiring an additional 1,873 shares in the last quarter. Additionally, Bank of America Corp DE raised its position by 48.6% during the third quarter, holding 7,037 shares valued at $427,000 after purchasing an extra 2,303 shares during this period.
Currently, institutional investors and hedge funds own approximately 40.52% of Bright Minds’ stock, indicating a robust interest in the company’s potential.
About Bright Minds Biosciences
Bright Minds Biosciences Inc., trading under the ticker symbol DRUG on NASDAQ, is a clinical-stage biotechnology company focused on developing innovative small-molecule therapeutics aimed at treating mental health and neurodegenerative disorders. The company employs proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds inspired by psychedelic structures.
Bright Minds aims to address critical unmet needs in mental health conditions, including major depressive disorder, post-traumatic stress disorder, and Alzheimer’s disease, through orally administered treatments. Its lead candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound currently in clinical development for mood and anxiety disorders.
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