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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been assigned a consensus rating of “Buy” from the eleven research firms that are presently covering the company, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $27.71.

Several brokerages have recently issued reports on MNMD. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Finally, Canaccord Genuity Group decreased their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th.

Insider Activity

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the sale, the insider now directly owns 344,656 shares of the company’s stock, valued at $2,061,042.88. The trade was a 1.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares in the company, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 in the last ninety days. 2.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP increased its stake in shares of Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after buying an additional 161,659 shares during the period. State Street Corp lifted its position in shares of Mind Medicine (MindMed) by 0.5% during the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Mind Medicine (MindMed) by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock valued at $3,428,000 after purchasing an additional 46,187 shares during the last quarter. Finally, Tri Locum Partners LP raised its position in Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after acquiring an additional 2,459 shares during the period. 27.91% of the stock is owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Stock Performance

MNMD opened at $7.16 on Monday. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The stock’s 50 day moving average price is $6.95 and its two-hundred day moving average price is $7.02. The firm has a market capitalization of $525.06 million, a P/E ratio of -3.17 and a beta of 2.58. Mind Medicine has a 12-month low of $2.97 and a 12-month high of $12.22.

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.