Analysts Set Expectations for Mind Medicine (MindMed) Inc.’s Q1 2024 Earnings (NASDAQ:MNMD)

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) – Stock analysts at Leerink Partnrs issued their Q1 2024 earnings estimates for shares of Mind Medicine (MindMed) in a research note issued on Monday, April 15th. Leerink Partnrs analyst R. Li anticipates that the company will earn ($1.18) per share for the quarter. Leerink Partnrs has a “Outperform” rating on the stock. The consensus estimate for Mind Medicine (MindMed)’s current full-year earnings is ($1.72) per share. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s 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.

Other research analysts also recently issued research reports about the stock. Royal Bank of Canada raised their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. SVB Leerink started coverage on shares of Mind Medicine (MindMed) in a research report on Monday. They set an “outperform” rating and a $20.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus price target of $25.20.

Mind Medicine (MindMed) Stock Down 6.5 %

NASDAQ:MNMD opened at $8.91 on Wednesday. The company has a market cap of $626.11 million, a price-to-earnings ratio of -3.64 and a beta of 2.81. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The stock has a fifty day simple moving average of $7.98 and a 200-day simple moving average of $4.92.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11).

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors have recently made changes to their positions in MNMD. Royal Bank of Canada increased its position in Mind Medicine (MindMed) by 60.7% during the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after buying an additional 2,824 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter worth approximately $28,000. Virtu Financial LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth approximately $29,000. Regal Investment Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $46,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Mind Medicine (MindMed) during the third quarter valued at $53,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

Insider Activity

In other news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction 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 transaction, the insider now directly owns 358,452 shares in the company, valued at approximately $3,405,294. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of 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 legal filing with the SEC, which is available through this hyperlink. Also, insider Dan Karlin sold 6,578 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 358,452 shares in the company, valued at $3,405,294. The disclosure for this sale can be found here. Insiders own 2.11% 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 for the treatment of core symptoms of autism spectrum disorder.