Maxim Group Lowers Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target to $8.00

Mind Medicine (MindMed) (NASDAQ:MNMDGet Rating) had its price target dropped by stock analysts at Maxim Group from $22.50 to $8.00 in a research report issued on Monday, The Fly reports.

A number of other brokerages have also commented on MNMD. Canaccord Genuity Group cut their price objective on shares of Mind Medicine (MindMed) from C$60.00 to C$22.00 and set a “buy” rating for the company in a research report on Tuesday, October 4th. HC Wainwright upped their price objective on shares of Mind Medicine (MindMed) to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, September 21st. Oppenheimer upped their price objective on shares of Mind Medicine (MindMed) from $3.50 to $52.00 in a research note on Tuesday, August 30th. Finally, Cantor Fitzgerald initiated coverage on shares of Mind Medicine (MindMed) in a research note on Wednesday, August 10th. They set an “overweight” rating and a $45.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus price target of 51.17.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock opened at 2.86 on Monday. The firm has a market cap of $101.54 million, a price-to-earnings ratio of -1.21 and a beta of 1.81. Mind Medicine has a fifty-two week low of 2.35 and a fifty-two week high of 35.70. The firm has a fifty day moving average price of 4.39 and a two-hundred day moving average price of 8.90.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Quantum Private Wealth LLC bought a new position in shares of Mind Medicine (MindMed) in the 2nd quarter valued at about $28,000. Virtu Financial LLC acquired a new stake in Mind Medicine (MindMed) in the 1st quarter worth about $29,000. LMR Partners LLP acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter worth about $36,000. Accurate Wealth Management LLC acquired a new position in shares of Mind Medicine (MindMed) in the 1st quarter valued at approximately $38,000. Finally, Exchange Traded Concepts LLC raised its position in shares of Mind Medicine (MindMed) by 339.7% in the 2nd quarter. Exchange Traded Concepts LLC now owns 59,592 shares of the company’s stock valued at $38,000 after buying an additional 46,039 shares in the last quarter. Institutional investors own 5.10% of the company’s stock.

Mind Medicine (MindMed) Company Profile

(Get Rating)

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. The company develops MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder, as well as for the treatment of chronic pain; and MM-110, an a3ß4 nicotinic cholinergic receptor antagonist that has completed phase 1 for the treatment of opioid withdrawal.

Further Reading

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Analyst Recommendations for Mind Medicine (MindMed) (NASDAQ:MNMD)

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