Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have received a consensus recommendation of “Buy” from the eight brokerages that are covering the stock, Marketbeat reports. Eight equities research analysts have rated the stock with a buy rating. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $22.67.

Several brokerages have recently weighed in on MNMD. Royal Bank of Canada increased their price objective on shares of Mind Medicine (MindMed) from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, August 4th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, August 22nd.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CFO Schond L. Greenway sold 11,635 shares of the firm’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $3.20, for a total value of $37,232.00. Following the sale, the chief financial officer now owns 248,031 shares of the company’s stock, valued at approximately $793,699.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Mind Medicine (MindMed) news, CFO Schond L. Greenway sold 11,635 shares of the firm’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $3.20, for a total transaction of $37,232.00. Following the completion of the transaction, the chief financial officer now owns 248,031 shares of the company’s stock, valued at $793,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Schond L. Greenway sold 20,000 shares of the stock in a transaction on Friday, August 25th. The stock was sold at an average price of $3.80, for a total value of $76,000.00. Following the completion of the sale, the chief financial officer now directly owns 228,031 shares in the company, valued at $866,517.80. The disclosure for this sale can be found here. Insiders have sold 53,920 shares of company stock worth $184,544 over the last 90 days. Corporate insiders own 2.11% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC boosted its position in Mind Medicine (MindMed) by 1,063.1% in the 2nd quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock valued at $3,249,000 after buying an additional 4,638,774 shares during the period. LPL Financial LLC purchased a new stake in Mind Medicine (MindMed) during the second quarter worth $496,000. Cubist Systematic Strategies LLC acquired a new position in Mind Medicine (MindMed) during the second quarter worth $328,000. State Street Corp raised its position in shares of Mind Medicine (MindMed) by 7.3% in the first quarter. State Street Corp now owns 6,145,503 shares of the company’s stock valued at $6,822,000 after buying an additional 416,765 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new stake in Mind Medicine (MindMed) during the fourth quarter worth $619,000. Hedge funds and other institutional investors own 9.73% of the company’s stock.

Mind Medicine (MindMed) Stock Up 0.3 %

Shares of MNMD stock opened at $3.81 on Tuesday. Mind Medicine has a 12-month low of $2.12 and a 12-month high of $12.88. The firm has a market capitalization of $151.33 million, a price-to-earnings ratio of -1.91 and a beta of 2.15. The firm has a fifty day moving average of $4.08 and a 200-day moving average of $3.65.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Thursday, August 3rd. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.18). Research analysts expect that Mind Medicine will post -2.49 earnings per share for the current year.

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 for the treatment of core symptoms of autism spectrum disorder.