Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) PT at $26.33

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have received a consensus recommendation of “Buy” from the thirteen research firms that are currently covering the stock, MarketBeat reports. Ten investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $26.33.

MNMD has been the subject of a number of analyst reports. Leerink Partners initiated coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target for the company. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, January 31st.

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD opened at $8.97 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The business has a fifty day simple moving average of $7.29 and a two-hundred day simple moving average of $6.94. Mind Medicine has a 1 year low of $3.86 and a 1 year high of $12.22. The company has a market capitalization of $657.77 million, a P/E ratio of -3.97 and a beta of 2.59.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. During the same period in the previous year, the company earned ($0.53) earnings per share. On average, analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the sale, the insider now owns 338,013 shares in the company, valued at $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the firm’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 sale, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,022 shares of company stock valued at $208,203. Company insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of large investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after buying an additional 9,782 shares during the period. Geode Capital Management LLC increased its holdings in shares of Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Mind Medicine (MindMed) by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after buying an additional 46,187 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Mind Medicine (MindMed) by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company’s stock worth $1,393,000 after buying an additional 10,338 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares during the period. 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.