Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $26.75 Average PT from Brokerages

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been assigned an average recommendation of “Buy” from the twelve analysts that are covering the stock, MarketBeat reports. Nine analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $26.75.

MNMD has been the topic of a number of analyst reports. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Chardan Capital started coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 target price for the company. Canaccord Genuity Group cut their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th.

Mind Medicine (MindMed) Trading Down 2.0 %

Shares of MNMD opened at $6.93 on Friday. Mind Medicine has a fifty-two week low of $3.49 and a fifty-two week high of $12.22. The firm has a market cap of $508.19 million, a price-to-earnings ratio of -3.07 and a beta of 2.60. The firm has a 50 day moving average price of $7.43 and a 200-day moving average price of $6.95. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,643 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the sale, the insider now directly owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock valued at $208,203 in the last three months. 2.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MNMD. Wealth Enhancement Advisory Services LLC bought a new position in Mind Medicine (MindMed) during the 3rd quarter valued at about $58,000. Bridgewealth Advisory Group LLC bought a new position in Mind Medicine (MindMed) during the second quarter valued at approximately $72,000. Wealth Alliance purchased a new stake in Mind Medicine (MindMed) in the second quarter worth approximately $79,000. Sanctuary Advisors LLC bought a new stake in Mind Medicine (MindMed) in the 3rd quarter worth approximately $91,000. Finally, Stoneridge Investment Partners LLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at $93,000. 27.91% of the stock is owned by institutional investors.

Mind Medicine (MindMed) Company Profile

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.