Bright Minds Biosciences (NASDAQ:DRUG) received a notable rating upgrade from Wall Street Zen, shifting from a “sell” to a “hold” rating, as announced in a note to investors on Saturday. This change reflects a growing confidence in the company’s potential, aligning with various analyses from other financial institutions.
In recent reports, several analysts have weighed in on Bright Minds Biosciences. Zacks Research downgraded the stock from a “strong-buy” to a “hold” on December 2, while Cantor Fitzgerald maintained an “overweight” rating on December 1. Additionally, BTIG Research initiated coverage on September 8 with a “buy” rating, setting a price target of $72.00. HC Wainwright also reiterated a “buy” rating, establishing a target price of $85.00 on September 15. Most recently, Chardan Capital raised its rating to “strong-buy” on November 19.
Currently, Bright Minds Biosciences holds an average rating of “Buy” based on data from MarketBeat, with an average target price of approximately $82.50. One investment analyst has classified the stock as a strong buy, while six analysts have given it a buy rating, and one has assigned a hold rating.
Institutional Investment Trends
Recent trading activity indicates a shift in institutional investments concerning Bright Minds Biosciences. Russell Investments Group Ltd. acquired a new stake in the company valued at $58,000 during the third quarter. Similarly, the Police & Firemen’s Retirement System of New Jersey bought a new position worth about $28,000 in the second quarter.
Gordian Capital Singapore Pte Ltd. also entered a new position valued at approximately $73,000 in the third quarter. Notably, JPMorgan Chase & Co. significantly increased its holdings by 624.3% during the second quarter, now owning 2,173 shares after acquiring an additional 1,873 shares in the last quarter. Bank of America Corp DE also expanded its position by 48.6% in the third quarter, bringing its total to 7,037 shares, valued at $427,000.
Overall, institutional investors and hedge funds now hold 40.52% of Bright Minds Biosciences’ stock, highlighting growing institutional interest in the company.
About Bright Minds Biosciences
Bright Minds Biosciences Inc. is a clinical-stage biotechnology enterprise trading on NASDAQ under the symbol DRUG. The company focuses on developing innovative small-molecule therapeutics aimed at addressing mental health and neurodegenerative disorders. Its research utilizes proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds, inspired by psychedelic structures.
The company is dedicated to addressing unmet medical needs in conditions such as major depressive disorder, post-traumatic stress disorder, and Alzheimer’s disease. Its leading candidate, BMB-101, is an oral 5-HT2A receptor-modulating compound currently in clinical development for mood and anxiety disorders.
As the landscape of biotechnology continues to evolve, Bright Minds Biosciences remains a key player to watch, particularly as it seeks to advance its promising therapies in the mental health space.
