Leerink Partnrs Reaffirms Outperform Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

Leerink Partnrs reaffirmed their outperform rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report issued on Monday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s Q1 2024 earnings at ($1.18) EPS, Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.28) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.80) EPS, FY2025 earnings at ($1.65) EPS, FY2026 earnings at ($1.65) EPS, FY2027 earnings at ($1.45) EPS and FY2028 earnings at ($0.15) EPS.

MNMD has been the subject of several other research reports. Royal Bank of Canada upped their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an outperform rating in a report on Thursday, February 29th. SVB Leerink initiated coverage on Mind Medicine (MindMed) in a research note on Monday. They issued an outperform rating and a $20.00 price objective for the company. Finally, 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of Buy and a consensus target price of $25.20.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock opened at $9.53 on Monday. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average of $7.89 and a two-hundred day moving average of $4.89. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22. The company has a market cap of $669.65 million, a P/E ratio of -3.89 and a beta of 2.81.

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

Insider Buying and Selling at Mind Medicine (MindMed)

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Mind Medicine (MindMed) by 60.7% in the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after purchasing an additional 2,824 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $28,000. Virtu Financial LLC purchased a new stake in Mind Medicine (MindMed) in the first quarter worth approximately $29,000. Regal Investment Advisors LLC purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth $46,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth $53,000. 27.91% of the stock is owned by institutional investors.

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.