Mind Medicine (MindMed)’s (MNMD) Outperform Rating Reaffirmed at Leerink Partnrs

Leerink Partnrs restated their outperform rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note issued to investors on Monday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s Q1 2024 earnings at ($1.18) EPS, Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.28) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.80) EPS, FY2025 earnings at ($1.65) EPS, FY2026 earnings at ($1.65) EPS, FY2027 earnings at ($1.45) EPS and FY2028 earnings at ($0.15) EPS.

Several other analysts have also issued reports on the stock. SVB Leerink started coverage on shares of Mind Medicine (MindMed) in a research report on Monday. They set an outperform rating and a $20.00 target price for the company. HC Wainwright reissued a buy rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Finally, Royal Bank of Canada upped their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an outperform rating in a report on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $25.20.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $9.53 on Monday. 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 fifty-two week low of $2.41 and a fifty-two week high of $12.22. The firm’s fifty day moving average price is $7.89 and its 200-day moving average price is $4.89. The stock has a market cap of $669.65 million, a P/E ratio of -3.89 and a beta of 2.81.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share 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 fiscal year.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The shares were 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 of the company’s stock, valued at approximately $5,511,919. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction, the insider now directly owns 358,452 shares of the company’s stock, valued at $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its position in Mind Medicine (MindMed) by 60.7% during the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock worth $27,000 after purchasing an additional 2,824 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at about $28,000. Virtu Financial LLC acquired a new position in Mind Medicine (MindMed) during the 1st quarter worth approximately $29,000. Regal Investment Advisors LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter worth approximately $46,000. Finally, Commonwealth Equity Services LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter worth approximately $53,000. Institutional investors and hedge funds 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.