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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has earned an average rating of “Buy” from the eight ratings firms that are covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $26.50.

Several equities analysts have weighed in on MNMD shares. Oppenheimer assumed coverage on Mind Medicine (MindMed) in a research note on Monday, August 4th. They set an “outperform” rating and a $25.00 price objective on the stock. Chardan Capital reissued a “buy” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st.

Insiders Place Their Bets

In related news, insider Daniel Karlin sold 7,848 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $53,366.40. Following the sale, the insider directly owned 438,329 shares in the company, valued at approximately $2,980,637.20. This trade represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert Barrow sold 26,491 shares of the business’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $180,138.80. Following the completion of the transaction, the chief executive officer directly owned 830,065 shares in the company, valued at approximately $5,644,442. This represents a 3.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,830 shares of company stock valued at $311,644 in the last 90 days. 2.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several large investors have recently modified their holdings of MNMD. Russell Investments Group Ltd. lifted its stake in Mind Medicine (MindMed) by 110.4% in the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock valued at $25,000 after purchasing an additional 2,003 shares during the last quarter. CWM LLC raised its stake in shares of Mind Medicine (MindMed) by 67.4% in the second quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after buying an additional 1,796 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Mind Medicine (MindMed) by 56.0% in the second quarter. BNP Paribas Financial Markets now owns 8,417 shares of the company’s stock valued at $55,000 after buying an additional 3,020 shares during the period. Black Swift Group LLC purchased a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at $63,000. Finally, CreativeOne Wealth LLC bought a new position in shares of Mind Medicine (MindMed) during the 1st quarter worth $67,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD opened at $9.71 on Wednesday. The firm has a market capitalization of $738.83 million, a P/E ratio of -6.35 and a beta of 2.48. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $11.02. The stock has a 50 day moving average price of $9.37 and a two-hundred day moving average price of $7.54. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.12). Equities analysts forecast that Mind Medicine will post -1.35 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.