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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been assigned an average rating of “Buy” from the six ratings firms that are covering the company, Marketbeat reports. Six analysts have rated the stock with a buy recommendation. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $25.20.

MNMD has been the topic of several research analyst reports. Royal Bank of Canada boosted their price target on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. HC Wainwright reissued a “buy” rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Leerink Partnrs reiterated an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Finally, SVB Leerink initiated coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They set an “outperform” rating and a $20.00 price objective for the company.

Insider Buying and Selling at Mind Medicine (MindMed)

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

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors have recently made changes to their positions in MNMD. Jump Financial LLC raised its position in shares of Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after buying an additional 2,826 shares during the period. Regal Investment Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the third quarter worth about $46,000. Commonwealth Equity Services LLC acquired a new stake in Mind Medicine (MindMed) during the third quarter worth about $53,000. Bailard Inc. purchased a new position in shares of Mind Medicine (MindMed) in the 4th quarter worth about $63,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Mind Medicine (MindMed) during the first quarter valued at approximately $168,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock opened at $10.00 on Friday. 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 one year low of $2.41 and a one year high of $12.22. The company has a market cap of $702.70 million, a P/E ratio of -4.08 and a beta of 2.72. The business has a fifty day moving average of $8.93 and a two-hundred day moving average of $5.38.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, analysts predict that Mind Medicine will post -1.72 earnings per share for the current fiscal year.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.