Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Consensus Rating of “Buy” by Analysts

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been given a consensus recommendation of “Buy” by the eleven ratings firms that are presently covering the stock, MarketBeat.com reports. Eight analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $25.50.

A number of brokerages have recently weighed in on MNMD. Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, May 13th. Chardan Capital restated a “buy” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, May 9th. HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Finally, Robert W. Baird reduced their price target on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, March 7th.

Mind Medicine (MindMed) Price Performance

MNMD stock opened at $7.20 on Friday. The company has a quick ratio of 7.27, a current ratio of 7.27 and a debt-to-equity ratio of 0.10. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $10.44. The stock’s 50 day moving average is $6.95 and its two-hundred day moving average is $6.89. The company has a market capitalization of $543.98 million, a PE ratio of -5.58 and a beta of 2.45.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.01. Analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Daniel Karlin sold 7,848 shares of the company’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $53,366.40. Following the transaction, the insider directly owned 438,329 shares of the company’s stock, valued at approximately $2,980,637.20. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Sullivan sold 11,491 shares of the company’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total value of $78,138.80. Following the transaction, the insider directly owned 305,130 shares in the company, valued at $2,074,884. The trade was a 3.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,830 shares of company stock valued at $311,644 over the last three months. Company insiders own 2.45% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MNMD. Rhumbline Advisers increased its position in Mind Medicine (MindMed) by 5.1% in the 4th quarter. Rhumbline Advisers now owns 100,695 shares of the company’s stock worth $701,000 after purchasing an additional 4,868 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Mind Medicine (MindMed) by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company’s stock worth $1,393,000 after acquiring an additional 10,338 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Mind Medicine (MindMed) by 25.1% during the 4th quarter. Oppenheimer & Co. Inc. now owns 65,541 shares of the company’s stock worth $456,000 after acquiring an additional 13,160 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Mind Medicine (MindMed) during the 4th quarter worth about $111,000. Finally, SLT Holdings LLC bought a new stake in shares of Mind Medicine (MindMed) during the 4th quarter worth about $91,000. 27.91% of the stock is 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.