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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have received an average recommendation of “Buy” from the eleven research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $26.50.

A number of analysts have recently issued reports on MNMD shares. Canaccord Genuity Group boosted their price objective on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Lifesci Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Chardan Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Finally, Oppenheimer started coverage on shares of Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an “outperform” rating and a $25.00 target price on the stock.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, 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 transaction of $110,186.06. Following the completion of the transaction, the insider owned 293,852 shares in the company, valued at $2,870,934.04. This trade represents a 3.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert Barrow sold 25,797 shares of the company’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $252,036.69. Following the completion of the sale, the chief executive officer owned 804,268 shares in the company, valued at $7,857,698.36. This trade represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 44,779 shares of company stock valued at $437,491. 2.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its position 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 buying an additional 2,003 shares in the last quarter. BIT Capital GmbH bought a new position in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $26,000. 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 acquiring an additional 1,796 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Mind Medicine (MindMed) by 5,593.2% in the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new stake in Mind Medicine (MindMed) during the 3rd quarter worth approximately $46,000. 27.91% of the stock is owned by institutional investors.

Mind Medicine (MindMed) Stock Up 4.5%

Shares of MNMD opened at $12.64 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 3.30 and a current ratio of 3.30. The company has a 50-day simple moving average of $11.97 and a 200-day simple moving average of $9.68. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $14.43. The firm has a market capitalization of $1.25 billion, a P/E ratio of -6.20 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). On average, equities research analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Mind Medicine (MindMed) Company Profile

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.