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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given an average recommendation of “Buy” by the six research firms that are covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $24.83.

MNMD has been the subject of several research analyst reports. Royal Bank of Canada upped their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ:MNMD opened at $10.05 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The company has a market capitalization of $706.21 million, a PE ratio of -4.10 and a beta of 2.80. The stock has a fifty day moving average of $7.18 and a 200-day moving average of $4.63. Mind Medicine has a one year low of $2.41 and a one year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). As a group, equities analysts anticipate that Mind Medicine will post -1.7 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares in the company, valued at $5,511,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 16,519 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at $5,511,919. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors and hedge funds have recently made changes to their positions in the stock. Swiss National Bank grew its stake in Mind Medicine (MindMed) by 23.1% in the 1st quarter. Swiss National Bank now owns 951,100 shares of the company’s stock valued at $1,079,000 after buying an additional 178,300 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Mind Medicine (MindMed) by 12.4% in the first quarter. JPMorgan Chase & Co. now owns 151,310 shares of the company’s stock valued at $168,000 after purchasing an additional 16,666 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Mind Medicine (MindMed) by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock worth $1,039,000 after purchasing an additional 16,746 shares during the period. HighTower Advisors LLC lifted its position in shares of Mind Medicine (MindMed) by 77.2% during the 1st quarter. HighTower Advisors LLC now owns 104,975 shares of the company’s stock worth $119,000 after purchasing an additional 45,747 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Mind Medicine (MindMed) by 98.6% during the 1st quarter. Penserra Capital Management LLC now owns 480,853 shares of the company’s stock valued at $442,000 after purchasing an additional 238,737 shares during the period. Institutional investors and hedge funds own 27.91% of the company’s stock.

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 for the treatment of core symptoms of autism spectrum disorder.