Mind Medicine (MindMed) (NASDAQ:MNMD) Now Covered by Chardan Capital

Analysts at Chardan Capital began coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note issued to investors on Friday, MarketBeat reports. The brokerage set a “buy” rating and a $20.00 price target on the stock. Chardan Capital’s price objective points to a potential upside of 185.31% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday. Finally, Canaccord Genuity Group reduced their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $26.75.

Mind Medicine (MindMed) Stock Down 2.9 %

Shares of NASDAQ MNMD opened at $7.01 on Friday. Mind Medicine has a 52-week low of $3.35 and a 52-week high of $12.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The business has a fifty day moving average of $7.11 and a two-hundred day moving average of $7.00. The stock has a market cap of $514.06 million, a PE ratio of -3.10 and a beta of 2.58.

Insider Activity

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 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 value of $118,230.58. Following the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dan Karlin sold 6,871 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the sale, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This trade represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,994 shares of company stock valued at $173,384. Company insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bridgewealth Advisory Group LLC acquired a new position in shares of Mind Medicine (MindMed) in the 2nd quarter valued at $72,000. Wealth Enhancement Advisory Services LLC acquired a new position in Mind Medicine (MindMed) in the third quarter valued at about $58,000. Wealth Alliance bought a new stake in shares of Mind Medicine (MindMed) in the second quarter worth about $79,000. Arizona State Retirement System bought a new position in shares of Mind Medicine (MindMed) during the 2nd quarter valued at about $114,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $91,000. 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.