Mind Medicine (MindMed) (NASDAQ:MNMD) Coverage Initiated at Evercore ISI

Investment analysts at Evercore ISI started coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $23.00 price target on the stock. Evercore ISI’s price objective points to a potential upside of 214.21% from the company’s previous close.

A number of other brokerages have also recently commented on MNMD. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. Oppenheimer restated an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective on the stock. Ten investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and an average target price of $26.33.

Mind Medicine (MindMed) Stock Down 1.5 %

Mind Medicine (MindMed) stock opened at $7.32 on Tuesday. Mind Medicine has a twelve month low of $3.80 and a twelve month high of $12.22. The firm has a 50 day moving average price of $7.27 and a 200-day moving average price of $6.94. The company has a market capitalization of $536.78 million, a P/E ratio of -3.24 and a beta of 2.60. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. During the same quarter in the prior year, the company earned ($0.53) EPS. As a group, equities analysts predict that Mind Medicine will post -1.35 EPS for the current year.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the transaction, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dan Karlin sold 6,643 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the transaction, the insider now owns 338,013 shares in the company, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock worth $208,203 in the last 90 days. 2.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. purchased a new position in shares of Mind Medicine (MindMed) during the fourth quarter valued at about $108,000. Foundations Investment Advisors LLC bought a new stake in Mind Medicine (MindMed) during the fourth quarter worth about $91,000. SG Americas Securities LLC boosted its stake in Mind Medicine (MindMed) by 48.8% during the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock worth $170,000 after acquiring an additional 8,004 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Mind Medicine (MindMed) by 21.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock worth $87,000 after acquiring an additional 2,230 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Mind Medicine (MindMed) by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after buying an additional 2,797 shares in the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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.