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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received a consensus rating of “Buy” from the twelve analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and three have given a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $30.3333.

MNMD has been the subject of a number of recent analyst reports. Chardan Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, November 19th. Needham & Company LLC set a $28.00 price target on shares of Mind Medicine (MindMed) and gave the stock a “buy” rating in a research note on Monday, October 13th. Jones Trading started coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday. They issued a “buy” rating and a $61.00 price objective for the company. Canaccord Genuity Group upped their target price on shares of Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Lifesci Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, October 14th.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ MNMD opened at $13.43 on Friday. The stock has a fifty day moving average price of $12.34 and a 200 day moving average price of $10.35. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $14.43. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.30 and a quick ratio of 3.30. The company has a market cap of $1.32 billion, a PE ratio of -6.58 and a beta of 2.57.

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). Sell-side analysts forecast that Mind Medicine will post -1.35 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Marshall Wace LLP boosted its stake in Mind Medicine (MindMed) by 31.9% in the second quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock valued at $22,204,000 after acquiring an additional 828,067 shares during the period. Wellington Management Group LLP raised its position in shares of Mind Medicine (MindMed) by 16.2% during the 1st quarter. Wellington Management Group LLP now owns 225,928 shares of the company’s stock worth $1,322,000 after buying an additional 31,437 shares in the last quarter. Geode Capital Management LLC lifted its position in Mind Medicine (MindMed) by 4.0% in the second quarter. Geode Capital Management LLC now owns 1,733,454 shares of the company’s stock worth $11,252,000 after purchasing an additional 66,663 shares during the period. Ally Bridge Group NY LLC boosted its position in shares of Mind Medicine (MindMed) by 18.1% during the 1st quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company’s stock valued at $2,282,000 after purchasing an additional 59,868 shares in the last quarter. Finally, Persistent Asset Partners Ltd acquired a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter valued at $238,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.