Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target Raised to $25.00

Mind Medicine (MindMed) (NASDAQ:MNMD) had its target price hoisted by Canaccord Genuity Group from $16.00 to $25.00 in a research note issued to investors on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other analysts have also issued reports on the stock. Royal Bank Of Canada decreased their price target on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday. Lifesci Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. 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 target on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $26.50.

Mind Medicine (MindMed) Stock Up 3.2%

Shares of MNMD stock opened at $11.70 on Friday. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $14.43. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.31. The firm has a market cap of $890.25 million, a PE ratio of -5.74 and a beta of 2.57. The stock has a 50 day moving average of $11.27 and a 200-day moving average of $9.12.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.26). On average, equities analysts predict that Mind Medicine will post -1.35 EPS for the current year.

Insider Activity at Mind Medicine (MindMed)

In other news, insider Daniel Karlin sold 7,704 shares of the stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $75,268.08. Following the completion of the transaction, the insider directly owned 430,625 shares of the company’s stock, valued at approximately $4,207,206.25. This represents a 1.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark Sullivan sold 11,278 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $110,186.06. Following the transaction, the insider owned 293,852 shares of the company’s stock, valued at $2,870,934.04. This trade represents a 3.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 44,779 shares of company stock valued at $437,491 over the last quarter. 2.26% of the stock is owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Large investors have recently bought and sold shares of the stock. CenterBook Partners LP bought a new position in shares of Mind Medicine (MindMed) during the third quarter valued at $1,880,000. GSA Capital Partners LLP acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $654,000. Vanguard Group Inc. grew its holdings in shares of Mind Medicine (MindMed) by 11.0% in the 3rd quarter. Vanguard Group Inc. now owns 2,012,874 shares of the company’s stock worth $23,732,000 after purchasing an additional 198,878 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Mind Medicine (MindMed) by 5,593.2% during the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Profund Advisors LLC increased its position in shares of Mind Medicine (MindMed) by 36.2% during the 3rd quarter. Profund Advisors LLC now owns 18,666 shares of the company’s stock worth $220,000 after purchasing an additional 4,959 shares in the last quarter. 27.91% of the stock is currently 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.