Bright Minds Biosciences (NASDAQ:DRUG) received a significant upgrade from Wall Street Zen, which changed its rating from “sell” to “hold” in a report issued to investors on Saturday. This change reflects a shift in sentiment regarding the company’s stock, which has been the subject of several evaluations recently.
On December 2, Zacks Research downgraded Bright Minds from a “strong-buy” to a “hold” rating. This followed a series of varied assessments from other financial analysts. Prior to that, on December 1, Cantor Fitzgerald reaffirmed an “overweight” rating for the stock, indicating a positive outlook for potential growth.
BTIG Research initiated coverage on Bright Minds Biosciences on September 8, establishing a “buy” rating and setting a price target of **$72.00**. Following this, HC Wainwright reiterated a “buy” rating with a target price of **$85.00** on September 15. In a notable shift, Chardan Capital upgraded the stock to a “strong-buy” on November 19.
Currently, Bright Minds Biosciences has garnered an average rating of “Buy” from analysts, with MarketBeat reporting an average target price of **$82.50**. The stock has received one “strong buy” rating, six “buy” ratings, and one “hold” rating from various analysts.
Institutional Trading Activity
Recent trading activity has seen several institutional investors making adjustments to their holdings in Bright Minds Biosciences. In the third quarter, Russell Investments Group Ltd. acquired a new position valued at **$58,000**. Similarly, the Police and Firemen’s Retirement System of New Jersey bought a new stake in the second quarter worth approximately **$28,000**.
Gordian Capital Singapore Pte Ltd also entered the market, acquiring shares valued at **$73,000** in the third quarter. Notably, JPMorgan Chase & Co. substantially increased its holdings in the company by **624.3%** during the second quarter, bringing its total ownership to **2,173 shares** worth **$57,000** after an additional purchase of **1,873 shares**. Bank of America Corp DE also expanded its position by **48.6%** in the third quarter, now owning **7,037 shares** valued at **$427,000**.
Institutional investors and hedge funds now hold approximately **40.52%** of Bright Minds Biosciences’ stock, indicating strong institutional interest in the company.
About Bright Minds Biosciences
Bright Minds Biosciences Inc., trading under the symbol DRUG on NASDAQ, is a clinical-stage biotechnology company dedicated to developing innovative small-molecule therapeutics aimed at addressing mental health and neurodegenerative disorders. The company employs proprietary chemistry platforms to create serotonin-modulating and neuroprotective compounds inspired by psychedelic structures.
The firm focuses on unmet medical needs associated with conditions such as major depressive disorder, post-traumatic stress disorder, and Alzheimer’s disease, aiming to provide 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.
Investors interested in Bright Minds Biosciences can stay updated with the latest news and ratings to make informed decisions regarding their investment in this promising biotechnology firm.
