Mind Medicine (MindMed) (NASDAQ:MNMD) Research Coverage Started at SVB Leerink

SVB Leerink began coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report issued on Monday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $20.00 target price on the stock.

A number of other research firms have also issued reports on MNMD. HC Wainwright reissued a buy rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Royal Bank of Canada lifted their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an outperform rating in a report on Thursday, February 29th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of Buy and an average target price of $25.20.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD opened at $9.78 on Monday. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22. The business’s 50-day moving average price is $7.67 and its 200 day moving average price is $4.81. The firm has a market cap of $687.24 million, a P/E ratio of -3.99 and a beta of 2.80.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). On average, equities research analysts expect that Mind Medicine will post -1.7 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the sale, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the sale, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The disclosure for this sale can be found here. 2.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Mind Medicine (MindMed) by 7.3% during the 1st quarter. State Street Corp now owns 6,145,503 shares of the company’s stock worth $6,822,000 after acquiring an additional 416,765 shares in the last quarter. Millennium Management LLC raised its position in shares of Mind Medicine (MindMed) by 1,063.1% during the 2nd quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock worth $3,249,000 after purchasing an additional 4,638,774 shares during the last quarter. Swiss National Bank raised its position in shares of Mind Medicine (MindMed) by 23.1% during the 1st quarter. Swiss National Bank now owns 951,100 shares of the company’s stock worth $1,079,000 after purchasing an additional 178,300 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Mind Medicine (MindMed) by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock worth $1,039,000 after purchasing an additional 16,746 shares during the last quarter. Finally, LPL Financial LLC acquired a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth approximately $496,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

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.