Bright Minds Biosciences (NASDAQ:DRUG) has received an upgrade from Wall Street Zen, moving from a “sell” rating to a “hold” rating, according to a note released to investors on Saturday. This adjustment reflects a shift in analyst sentiment regarding the company’s stock performance.
In recent weeks, Bright Minds has attracted attention from various investment firms. Zacks Research downgraded the company from a “strong-buy” to a “hold” rating on December 2, 2023. Meanwhile, Cantor Fitzgerald reiterated an “overweight” rating on December 1, 2023. BTIG Research initiated coverage on the stock on September 8, 2023, assigning a “buy” rating alongside a target price of $72.00.
HC Wainwright also expressed confidence in the company, maintaining a “buy” rating and setting a target price of $85.00 on September 15, 2023. Additionally, Chardan Capital raised its rating to “strong-buy” on November 19, 2023. Currently, one analyst has rated the stock as a strong buy, six have issued buy ratings, and one has assigned a hold rating.
Data from MarketBeat indicates that Bright Minds Biosciences has an average rating of “buy” with an average target price of $82.50.
Institutional Interest in Bright Minds Biosciences
Recent trading activity shows significant institutional investment in Bright Minds. Russell Investments Group Ltd. acquired a new stake valued at $58,000 during the third quarter. Similarly, the Police & Firemen’s Retirement System of New Jersey added a stake worth approximately $28,000 in the second quarter.
Gordian Capital Singapore Pte Ltd. also entered the market with a new position valued at about $73,000 in the third quarter. Notably, JPMorgan Chase & Co. increased its holdings by an impressive 624.3% during the second quarter, owning 2,173 shares worth $57,000 after acquiring an additional 1,873 shares.
Furthermore, Bank of America Corp DE expanded its position by 48.6% in the third quarter, now holding 7,037 shares valued at $427,000. Institutional investors and hedge funds collectively own 40.52% of the company’s stock, indicating strong interest from significant financial players.
About Bright Minds Biosciences
Bright Minds Biosciences Inc., trading under the symbol DRUG on the NASDAQ, is a clinical-stage biotechnology company focused on innovative small-molecule therapeutics aimed at addressing mental health and neurodegenerative disorders. The firm utilizes proprietary chemistry platforms to develop serotonin-modulating and neuroprotective compounds inspired by psychedelic structures.
The company is particularly focused on unmet medical needs associated with conditions like major depressive disorder, post-traumatic stress disorder, and Alzheimer’s disease. Its lead candidate, BMB-101, is an oral compound targeting the 5-HT2A receptor, currently in clinical development for mood and anxiety disorders.
This latest upgrade from Wall Street Zen, combined with the growing institutional interest, positions Bright Minds Biosciences as a company to watch in the biotechnology sector. Investors and analysts alike are keenly observing its future developments and market performance.
