Mind Medicine (MindMed)’s (MNMD) “Buy” Rating Reiterated at Chardan Capital

Chardan Capital restated their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report issued on Friday,Benzinga reports. The brokerage currently has a $20.00 price target on the stock.

Separately, Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $24.00.

Mind Medicine (MindMed) Trading Down 7.2%

Shares of NASDAQ:MNMD opened at $8.44 on Friday. Mind Medicine has a 1 year low of $4.70 and a 1 year high of $10.44. The stock’s fifty day moving average price is $7.82 and its 200-day moving average price is $7.12. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98. The company has a market cap of $637.64 million, a P/E ratio of -5.52 and a beta of 2.49.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.12). Sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert Barrow sold 26,491 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $180,138.80. Following the completion of the sale, the chief executive officer directly owned 830,065 shares of the company’s stock, valued at approximately $5,644,442. This trade represents a 3.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel Karlin sold 7,848 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $53,366.40. Following the sale, the insider directly owned 438,329 shares of the company’s stock, valued at $2,980,637.20. This represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 45,830 shares of company stock valued at $311,644. Insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC raised its position in Mind Medicine (MindMed) by 67.4% during the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after purchasing an additional 1,796 shares in the last quarter. Diadema Partners LP bought a new stake in Mind Medicine (MindMed) during the 4th quarter valued at $33,000. Black Swift Group LLC bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at $63,000. CreativeOne Wealth LLC bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at $67,000. Finally, Virtus ETF Advisers LLC bought a new stake in Mind Medicine (MindMed) during the 4th quarter valued at $70,000. 27.91% of the stock is owned by institutional investors.

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.