Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Average Rating of “Buy” by Brokerages

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been given a consensus rating of “Buy” by the twelve analysts that are covering the stock, Marketbeat reports. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $25.38.

A number of research firms have recently commented on MNMD. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Leerink Partners initiated coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective on the stock. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Finally, Canaccord Genuity Group decreased their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, September 16th.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This represents a 1.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the sale, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,994 shares of company stock valued at $173,384. 2.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Blackstone Inc. bought a new stake in shares of Mind Medicine (MindMed) during the first quarter worth approximately $11,749,000. Janus Henderson Group PLC acquired a new position in shares of Mind Medicine (MindMed) in the 1st quarter valued at $8,964,000. AWM Investment Company Inc. bought a new position in shares of Mind Medicine (MindMed) in the 1st quarter worth $7,830,000. Bank of New York Mellon Corp increased its holdings in Mind Medicine (MindMed) by 472.7% in the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after purchasing an additional 203,216 shares during the last quarter. Finally, Tidal Investments LLC acquired a new position in Mind Medicine (MindMed) in the first quarter valued at about $1,698,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ:MNMD opened at $7.61 on Thursday. The firm has a market capitalization of $558.04 million, a PE ratio of -3.37 and a beta of 2.48. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a 1-year low of $2.91 and a 1-year high of $12.22. The business’s 50 day moving average is $6.46 and its 200-day moving average is $7.10.

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.