Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Target Price at $26.33

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have received an average recommendation of “Buy” from the thirteen brokerages that are covering the firm, MarketBeat Ratings reports. Ten analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $25.11.

MNMD has been the topic of a number of recent research reports. HC Wainwright reissued a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Friday. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price on the stock. Oppenheimer reissued an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 target price on the stock. Finally, Robert W. Baird lowered their target price on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday.

Mind Medicine (MindMed) Trading Up 3.3 %

Shares of NASDAQ:MNMD opened at $6.83 on Friday. The company has a market cap of $500.86 million, a P/E ratio of -3.02 and a beta of 2.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. Mind Medicine has a 1 year low of $5.03 and a 1 year high of $12.22. The stock’s fifty day moving average price is $7.42 and its 200-day moving average price is $6.90.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same quarter in the previous year, the company earned ($0.59) earnings per share. Sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Transactions at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,106 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the sale, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the sale, the insider now owns 338,013 shares of the company’s stock, valued at $2,511,436.59. This represents a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock valued at $208,203 over the last quarter. 2.26% of the stock is currently owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors have recently made changes to their positions in the business. Corebridge Financial Inc. grew its holdings in Mind Medicine (MindMed) by 4.1% during the 4th quarter. Corebridge Financial Inc. now owns 40,064 shares of the company’s stock valued at $279,000 after buying an additional 1,569 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in Mind Medicine (MindMed) by 9.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 21,492 shares of the company’s stock valued at $150,000 after buying an additional 1,928 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Mind Medicine (MindMed) by 21.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after buying an additional 2,230 shares in the last quarter. Woodline Partners LP grew its holdings in Mind Medicine (MindMed) by 0.3% during the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock valued at $6,996,000 after buying an additional 2,654 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Mind Medicine (MindMed) by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock valued at $211,000 after buying an additional 2,797 shares in the last quarter. Hedge funds and other institutional investors 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.