Bright Minds Biosciences (NASDAQ:DRUG) has received an upgrade from equities researchers at Wall Street Zen, who have changed their rating from “sell” to “hold.” This update was communicated to investors on December 2, 2023, reflecting a shift in sentiment towards the stock.
Prior to the upgrade, several other financial analysts had weighed in on the company’s prospects. On the same day, Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” rating to a “hold.” Earlier in the month, on December 1, Cantor Fitzgerald reaffirmed an “overweight” rating for the company’s shares. In September, BTIG Research initiated coverage of Bright Minds Biosciences, issuing a “buy” rating along with a target price of $72.00. Additionally, HC Wainwright set its target price at $85.00 while also maintaining a “buy” rating on September 15. On November 19, Chardan Capital elevated the stock’s rating to “strong-buy.”
Analyst Ratings Overview
Currently, one investment analyst has assigned a “strong buy” rating to Bright Minds Biosciences, six have issued a “buy” rating, and one has given the stock a “hold” rating. According to data from MarketBeat, the average rating for the company stands at “buy” with an average target price of $82.50.
In terms of institutional trading, there has been notable activity surrounding Bright Minds Biosciences. In the third quarter, Russell Investments Group Ltd. acquired a new position in the company valued at approximately $58,000. The Police & Firemen’s Retirement System of New Jersey also invested in the company during the second quarter, with a stake valued at about $28,000. In addition, Gordian Capital Singapore Pte Ltd acquired a new position worth around $73,000 during the third quarter.
JPMorgan Chase & Co. significantly increased its holdings in Bright Minds Biosciences during the second quarter, raising its stake by an impressive 624.3%. The firm now owns 2,173 shares of the company, valued at about $57,000, after purchasing an additional 1,873 shares in the last quarter. Furthermore, Bank of America Corp DE expanded its position by 48.6% during the third quarter, now holding 7,037 shares worth approximately $427,000.
Company Overview and Future Prospects
Bright Minds Biosciences Inc. is a clinical-stage biotechnology company, trading under the symbol DRUG on the NASDAQ. The firm specializes in developing innovative small-molecule therapeutics aimed at addressing mental health and neurodegenerative disorders. Utilizing proprietary chemistry platforms, the company creates serotonin-modulating and neuroprotective compounds inspired by psychedelic structures. Bright Minds is focused on addressing unmet medical 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 currently in clinical development for mood and anxiety disorders. As the market continues to evolve, investors and analysts alike will be closely monitoring Bright Minds Biosciences for potential developments in both its stock performance and product pipeline.
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