Bright Minds Biosciences (NASDAQ:DRUG) received an upgrade from Wall Street Zen, changing its rating from “sell” to “hold,” according to a note released on Saturday. The shift in rating reflects a growing interest in the stock amid recent fluctuations in investor sentiment.
This upgrade follows a series of evaluations by various financial analysts. On December 2, Zacks Research downgraded Bright Minds Biosciences from a “strong-buy” to a “hold” rating. In contrast, Cantor Fitzgerald maintained an “overweight” rating on December 1, emphasizing the stock’s potential. Earlier assessments by BTIG Research, which began coverage on September 8, assigned a “buy” rating alongside a price target of **$72.00**. Further, HC Wainwright reiterated a “buy” rating with a target price of **$85.00** on September 15. Notably, Chardan Capital upgraded the stock to a “strong-buy” rating on November 19.
The overall outlook for Bright Minds Biosciences is cautiously optimistic. Currently, one investment analyst has given the stock a Strong Buy rating, six have issued Buy ratings, and one has assigned a Hold rating. According to data from MarketBeat, the average rating for Bright Minds Biosciences is “Buy,” with an average target price of **$82.50**.
Institutional Investment Activity
Recent trading activity shows increased interest from institutional investors. For instance, Russell Investments Group Ltd. acquired a new position in Bright Minds Biosciences worth **$58,000** during the third quarter. The Police & Firemen’s Retirement System of New Jersey also entered the market, purchasing shares valued at approximately **$28,000** in the second quarter.
In a significant move, JPMorgan Chase & Co. boosted its holdings by **624.3%** during the second quarter, bringing its total to **2,173 shares valued at $57,000** after acquiring an additional **1,873 shares**. Bank of America Corp DE increased its position by **48.6%** in the third quarter, now owning **7,037 shares worth $427,000** following the purchase of **2,303 shares**.
Currently, institutional investors and hedge funds collectively hold **40.52%** of Bright Minds Biosciences’ stock, reflecting a substantial commitment to the company’s future.
About Bright Minds Biosciences
Bright Minds Biosciences Inc. operates as a clinical-stage biotechnology firm focused on developing innovative small-molecule therapeutics aimed at addressing mental health and neurodegenerative disorders. The company utilizes proprietary chemistry platforms to develop serotonin-modulating and neuroprotective compounds inspired by psychedelic structures. Its primary objective is to meet the unmet medical needs in conditions such as major depressive disorder, post-traumatic stress disorder, and Alzheimer’s disease.
The company’s lead candidate, **BMB-101**, is currently in clinical development as an oral 5-HT2A receptor-modulating compound targeting mood and anxiety disorders. As Bright Minds continues its research and development efforts, it remains to be seen how these stock ratings will influence investor confidence and market performance.
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