Bright Minds Biosciences (NASDAQ: DRUG) received a positive update from Wall Street Zen, which upgraded its stock rating from “sell” to “hold.” This change was communicated to investors on Saturday, marking a notable shift in sentiment for the clinical-stage biotechnology company.
Multiple financial analysts have been closely monitoring Bright Minds Biosciences, reflecting a range of perspectives. On December 2, Zacks Research downgraded the company’s rating from “strong-buy” to “hold.” In contrast, Cantor Fitzgerald reaffirmed an “overweight” rating on December 1, indicating confidence in the company’s future performance. Earlier, on September 8, BTIG Research initiated coverage with a “buy” rating and set a target price of $72.00. HC Wainwright also maintained a “buy” rating and established a target price of $85.00 in their report dated September 15. Additionally, Chardan Capital elevated its rating to “strong-buy” on November 19.
Currently, one analyst has assigned a “strong-buy” rating to Bright Minds Biosciences, while six have given it a “buy” rating, and one has issued a “hold” rating. According to data from MarketBeat, the average rating for the company sits at “buy,” with an average target price of $82.50.
Institutional Investors Take Interest
Recent trading activity shows that institutional investors are increasingly interested in Bright Minds Biosciences. In the third quarter, Russell Investments Group Ltd. acquired a new position in the company, valued at approximately $58,000. Similarly, the Police & Firemen’s Retirement System of New Jersey invested around $28,000 in the second quarter. Gordian Capital Singapore Pte Ltd also entered the market, acquiring a stake worth about $73,000 in the third quarter.
JPMorgan Chase & Co. significantly increased its holdings in Bright Minds Biosciences by 624.3% during the second quarter, now owning 2,173 shares valued at $57,000 after purchasing an additional 1,873 shares. Bank of America Corp DE also raised its position by 48.6% in the third quarter, now holding 7,037 shares worth $427,000 after acquiring an additional 2,303 shares. Overall, institutional investors and hedge funds collectively own 40.52% of the company’s stock.
About Bright Minds Biosciences
Bright Minds Biosciences Inc., trading under the symbol DRUG, is a biotechnology firm focused on the development of innovative small-molecule therapeutics aimed at addressing 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 aims to meet unmet medical needs in conditions such as major depressive disorder, post-traumatic stress disorder, and Alzheimer’s disease through orally administered treatments. Its lead candidate, BMB-101, is currently in clinical development as a 5-HT2A receptor-modulating compound for mood and anxiety disorders.
As the market continues to evolve, the performance and strategic direction of Bright Minds Biosciences will be closely watched by investors and analysts alike, given its potential to impact the mental health therapeutic landscape significantly.
