Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Average Recommendation of “Buy” from Analysts

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received an average rating of “Buy” from the twelve analysts that are presently covering the company, Marketbeat reports. Nine investment analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $25.38.

Several equities research analysts have recently commented on the stock. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Canaccord Genuity Group reduced their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. HC Wainwright boosted their price target on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the sale, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now directly owns 545,772 shares in the company, valued at approximately $3,263,716.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock valued at $173,384 in the last 90 days. Insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Several large investors have recently made changes to their positions in the business. Tri Locum Partners LP boosted its holdings in shares of Mind Medicine (MindMed) by 0.6% in the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after acquiring an additional 2,459 shares during the last quarter. SageView Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at $25,000. Cubist Systematic Strategies LLC boosted its holdings in shares of Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after acquiring an additional 6,890 shares during the last quarter. Bridgewealth Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter valued at $72,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $58,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Price Performance

MNMD stock opened at $6.30 on Friday. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average price of $5.99 and a 200 day moving average price of $7.34. The stock has a market cap of $454.51 million, a PE ratio of -2.58 and a beta of 2.52.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). Equities research analysts anticipate that Mind Medicine will post -1.27 earnings per share for the current 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.