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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received an average recommendation of “Buy” from the twelve brokerages that are covering the stock, Marketbeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $25.38.

MNMD has been the subject of a number of research reports. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $22.00 target price on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Canaccord Genuity Group reduced their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. HC Wainwright increased their price objective on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, Roth Mkm began coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price on the stock.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ:MNMD opened at $5.63 on Wednesday. The firm has a market cap of $404.64 million, a price-to-earnings ratio of -1.91 and a beta of 2.53. The firm has a fifty day moving average price of $6.69 and a 200 day moving average price of $7.94. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.92 and a current ratio of 5.92.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, sell-side analysts expect that Mind Medicine will post -1.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,871 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the sale, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Dan Karlin sold 6,871 shares of the business’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 completion of the transaction, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction on Wednesday, September 25th. The stock was 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 owns 545,772 shares in the company, valued at approximately $3,263,716.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,994 shares of company stock valued at $173,384. Company insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNMD. SageView Advisory Group LLC bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at $25,000. Bridgewealth Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) during the second quarter valued at $72,000. Wealth Alliance bought a new stake in shares of Mind Medicine (MindMed) in the second quarter valued at about $79,000. Arizona State Retirement System purchased a new stake in Mind Medicine (MindMed) in the second quarter worth about $114,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Mind Medicine (MindMed) during the 2nd quarter worth about $131,000. 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.