Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $25.11 Average Target Price from Analysts

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been given a consensus recommendation of “Buy” by the thirteen ratings firms that are covering the stock, MarketBeat reports. Ten analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $25.11.

Several brokerages have weighed in on MNMD. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price target for the company. Robert W. Baird dropped their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th. Finally, Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 target price for the company.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ MNMD opened at $6.19 on Wednesday. Mind Medicine has a 52 week low of $5.03 and a 52 week high of $12.22. The business’s 50 day moving average price is $7.26 and its 200 day moving average price is $6.97. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm has a market cap of $466.53 million, a P/E ratio of -2.74 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings data on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same quarter last year, the firm earned ($0.59) EPS. On average, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In related news, insider Daniel Karlin sold 6,836 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the transaction, the insider now directly owns 446,177 shares of the company’s stock, valued at approximately $3,007,232.98. This represents a 1.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $142,941.92. Following the sale, the chief executive officer now directly owns 856,556 shares in the company, valued at approximately $5,773,187.44. This trade represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,391 shares of company stock valued at $204,835. 2.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its position in Mind Medicine (MindMed) by 9.3% in the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company’s stock valued at $17,410,000 after buying an additional 213,526 shares during the last quarter. State Street Corp lifted its holdings in shares of Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after acquiring an additional 9,782 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Mind Medicine (MindMed) by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company’s stock worth $11,996,000 after purchasing an additional 45,386 shares during the period. AWM Investment Company Inc. boosted its position in shares of Mind Medicine (MindMed) by 39.9% during the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company’s stock worth $8,304,000 after purchasing an additional 340,162 shares during the period. Finally, Woodline Partners LP increased its holdings in Mind Medicine (MindMed) by 0.3% in the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock valued at $6,996,000 after purchasing an additional 2,654 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.