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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given an average rating of “Buy” by the twelve research firms that are currently covering the company, MarketBeat.com reports. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $25.38.

Several equities research analysts have recently commented on MNMD shares. Canaccord Genuity Group reduced their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Roth Mkm initiated coverage on Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They issued a “buy” rating and a $36.00 price objective for the company. HC Wainwright increased their price objective on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Dan Karlin sold 6,871 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the transaction, the chief executive officer now directly owns 545,772 shares in the company, valued at approximately $3,263,716.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock valued at $173,384 in the last three months. Insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after buying an additional 203,216 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $1,698,000. Janus Henderson Group PLC bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $8,964,000. Rhumbline Advisers bought a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter worth approximately $679,000. Finally, Marshall Wace LLP lifted its position in shares of Mind Medicine (MindMed) by 8.1% in the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after acquiring an additional 161,659 shares during the period. Institutional investors and hedge funds own 27.91% of the company’s stock.

Mind Medicine (MindMed) Trading Up 0.6 %

Shares of NASDAQ MNMD opened at $5.28 on Wednesday. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22. The company has a market cap of $379.48 million, a price-to-earnings ratio of -1.79 and a beta of 2.52. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12. The business has a fifty day simple moving average of $6.39 and a 200-day simple moving average of $7.82.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). Sell-side analysts predict that Mind Medicine will post -1.27 EPS 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.