Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Target Price at $26.33

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have received a consensus recommendation of “Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $26.33.

MNMD has been the subject of a number of research analyst reports. Evercore ISI began coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price target for the company. Oppenheimer restated an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. HC Wainwright reaffirmed a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Finally, Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price target for the company.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the sale, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock valued at $208,203 in the last ninety days. 2.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently added to or reduced their stakes in MNMD. AWM Investment Company Inc. lifted its holdings in shares of Mind Medicine (MindMed) by 39.9% during the fourth quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company’s stock valued at $8,304,000 after purchasing an additional 340,162 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Mind Medicine (MindMed) by 20.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 85,044 shares of the company’s stock worth $592,000 after purchasing an additional 14,691 shares during the last quarter. Woodline Partners LP raised its stake in Mind Medicine (MindMed) by 0.3% during the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock valued at $6,996,000 after buying an additional 2,654 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Mind Medicine (MindMed) by 28.1% during the 4th quarter. Two Sigma Advisers LP now owns 24,650 shares of the company’s stock valued at $172,000 after buying an additional 5,400 shares during the period. Finally, Tang Capital Management LLC purchased a new position in shares of Mind Medicine (MindMed) in the 4th quarter worth $1,392,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Trading Down 9.7 %

MNMD opened at $6.07 on Friday. The firm has a market capitalization of $445.13 million, a price-to-earnings ratio of -2.69 and a beta of 2.59. Mind Medicine has a one year low of $5.03 and a one year high of $12.22. The business has a 50 day simple moving average of $7.48 and a two-hundred day simple moving average of $6.91. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

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.