Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Average Recommendation of “Buy” from Analysts

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have received a consensus recommendation of “Buy” from the six brokerages that are covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $25.20.

Several equities analysts have recently issued reports on the company. SVB Leerink initiated coverage on Mind Medicine (MindMed) in a report on Monday, April 15th. They issued an “outperform” rating and a $20.00 price objective for the company. Royal Bank of Canada raised their price objective 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. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Finally, Leerink Partnrs restated an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ:MNMD opened at $10.00 on Friday. 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 company has a market cap of $702.70 million, a PE ratio of -4.08 and a beta of 2.72. The company’s 50 day moving average is $8.93 and its 200 day moving average is $5.38.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). On average, sell-side analysts forecast that Mind Medicine will post -1.72 EPS for the current year.

Insider Activity

In other news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the sale, the chief executive officer now owns 580,202 shares in the company, valued at $5,511,919. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the transaction, the insider now directly owns 358,452 shares in the company, valued at $3,405,294. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 16,519 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the sale, the chief executive officer now owns 580,202 shares of the company’s stock, valued at approximately $5,511,919. The disclosure for this sale can be found here. Insiders own 2.11% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MNMD. Jump Financial LLC lifted its position in Mind Medicine (MindMed) by 8.3% during the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after buying an additional 2,826 shares in the last quarter. Regal Investment Advisors LLC purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth $46,000. Commonwealth Equity Services LLC purchased a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at about $53,000. Bailard Inc. acquired a new stake in Mind Medicine (MindMed) during the fourth quarter worth about $63,000. Finally, Sequoia Financial Advisors LLC purchased a new position in Mind Medicine (MindMed) during the first quarter worth about $168,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.