Bright Minds Biosciences, trading under the ticker NASDAQ: DRUG, has received an upgrade from Wall Street Zen, shifting its stock rating from “sell” to “hold.” This change was detailed in a note released to investors on Saturday. Additionally, the stock has drawn attention from various analysts in recent weeks, reflecting a mix of evaluations regarding its potential.
In a report dated December 2, Zacks Research downgraded Bright Minds from a “strong-buy” to a “hold” rating. Conversely, Cantor Fitzgerald reaffirmed an “overweight” rating just a day prior, on December 1. Earlier in September, BTIG Research initiated coverage with a “buy” rating and set a price target of $72.00. Following this, HC Wainwright also maintained a “buy” rating, establishing a target price of $85.00 on September 15. Furthermore, on November 19, Chardan Capital elevated the stock’s rating to “strong-buy.”
The consensus among analysts shows that one has rated the stock as a Strong Buy, six have given it a Buy rating, and one has issued a Hold rating. According to data from MarketBeat, Bright Minds Biosciences currently holds an average rating of “Buy” with a projected average target price of $82.50.
Institutional Investment Activity
Institutional investors have also been active in trading Bright Minds Biosciences shares. In the third quarter, Russell Investments Group Ltd. acquired a new stake valued at $58,000. Police & Firemen’s Retirement System of New Jersey also entered the scene, purchasing shares worth approximately $28,000 in the second quarter.
Another significant investor, Gordian Capital Singapore Pte Ltd, acquired a new position valued at about $73,000 during the third quarter. JPMorgan Chase & Co. notably increased its holdings by 624.3% in the second quarter, accumulating 2,173 shares worth $57,000 after acquiring an additional 1,873 shares. Additionally, Bank of America Corp DE grew its stake by 48.6% in the third quarter, now owning 7,037 shares valued at $427,000. Overall, institutional investors and hedge funds currently hold 40.52% of Bright Minds Biosciences’ stock.
Company Overview and Future Prospects
Bright Minds Biosciences Inc. is a clinical-stage biotechnology firm dedicated to developing innovative small-molecule therapeutics aimed at mental health and neurodegenerative disorders. The company utilizes proprietary chemistry platforms to create compounds that modulate serotonin and provide neuroprotection, drawing inspiration from psychedelic structures.
The firm seeks to fill critical gaps in treatment options for conditions such as major depressive disorder, post-traumatic stress disorder, and Alzheimer’s disease through orally administered therapies. Its lead candidate, BMB-101, is currently in clinical development as a 5-HT2A receptor-modulating compound targeting mood and anxiety disorders.
As Bright Minds Biosciences continues to advance its research and clinical trials, the stock’s performance will likely remain under close scrutiny from analysts and investors alike.
