Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $20.00 Average Target Price from Analysts

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received an average rating of “Buy” from the nine brokerages that are covering the firm, Marketbeat Ratings reports. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $20.00.

A number of analysts have recently issued reports on MNMD shares. Cantor Fitzgerald restated an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Robert W. Baird initiated coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, May 28th. They issued an “outperform” rating and a $27.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Baird R W raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, May 29th. Finally, HC Wainwright reissued a “buy” rating and set a $35.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, May 24th.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the transaction, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $49,998.50. Following the transaction, the insider now owns 351,527 shares in the company, valued at approximately $2,538,024.94. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the transaction, the chief executive officer now owns 564,543 shares in the company, valued at approximately $4,076,000.46. The disclosure for this sale can be found here. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jump Financial LLC increased its position in shares of Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after purchasing an additional 2,826 shares during the last quarter. Citigroup Inc. purchased a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $273,000. Scotia Capital Inc. purchased a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $441,000. Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $73,000. Finally, Bailard Inc. purchased a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $63,000. Institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Up 2.8 %

Shares of MNMD stock opened at $7.27 on Monday. The company has a market capitalization of $510.86 million, a price-to-earnings ratio of -2.47 and a beta of 2.64. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22. The firm has a fifty day moving average of $8.36 and a 200-day moving average of $6.82. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.06. As a group, equities research analysts predict that Mind Medicine will post -1.36 earnings per share for the current fiscal year.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company's lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.