SVB Leerink Initiates Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

Equities research analysts at SVB Leerink assumed coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note issued to investors on Monday, Marketbeat reports. The brokerage set an “outperform” rating and a $20.00 price target on the stock. SVB Leerink’s price objective would suggest a potential upside of 102.43% from the company’s previous close.

Several other research firms also recently commented on MNMD. Royal Bank of Canada raised their target price on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. HC Wainwright reiterated a “buy” rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $25.20.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD opened at $9.88 on Monday. The firm has a market cap of $694.27 million, a price-to-earnings ratio of -4.03 and a beta of 2.80. The business’s 50-day simple moving average is $7.79 and its 200-day simple moving average is $4.86. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its 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). As a group, equities research analysts expect that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction dated 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 directly owns 358,452 shares in the company, valued at $3,405,294. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Dan Karlin sold 6,578 shares of the company’s stock in a transaction dated 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 in the company, valued at $3,405,294. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction dated 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 owns 580,202 shares in the company, valued at approximately $5,511,919. The disclosure for this sale can be found here. Corporate insiders own 2.11% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

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