HC Wainwright Boosts Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target to $55.00

Mind Medicine (MindMed) (NASDAQ:MNMD) had its target price raised by HC Wainwright from $35.00 to $55.00 in a report issued on Thursday morning, Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Several other analysts have also issued reports on MNMD. Roth Capital upgraded shares of Mind Medicine (MindMed) to a strong-buy rating in a research report on Wednesday, July 24th. Robert W. Baird assumed coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, May 28th. They set an outperform rating and a $27.00 target price for the company. Baird R W upgraded shares of Mind Medicine (MindMed) to a strong-buy rating in a research report on Wednesday, May 29th. Roth Mkm assumed coverage on shares of Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They set a buy rating and a $36.00 target price for the company. Finally, Royal Bank of Canada restated an outperform rating and set a $22.00 target price on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Nine investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Mind Medicine (MindMed) currently has an average rating of Buy and a consensus price target of $27.00.

Mind Medicine (MindMed) Stock Performance

MNMD opened at $6.01 on Thursday. The company’s 50 day moving average is $7.38 and its 200 day moving average is $7.94. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07. The company has a market cap of $431.95 million, a price-to-earnings ratio of -2.04 and a beta of 2.58. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the transaction, the chief executive officer now owns 564,543 shares of the company’s stock, valued at $4,076,000.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the sale, the insider now owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at approximately $4,076,000.46. The disclosure for this sale can be found here. Insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently bought and sold shares of the business. Marshall Wace LLP raised its stake in Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after purchasing an additional 161,659 shares in the last quarter. Blackstone Inc. purchased a new stake in Mind Medicine (MindMed) during the first quarter valued at $11,749,000. Janus Henderson Group PLC bought a new position in Mind Medicine (MindMed) during the first quarter valued at $8,964,000. AWM Investment Company Inc. bought a new position in Mind Medicine (MindMed) during the first quarter valued at $7,830,000. Finally, Tri Locum Partners LP increased its position in Mind Medicine (MindMed) by 0.6% during the second 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. 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.