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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received an average recommendation of “Buy” from the thirteen analysts that are covering the company, MarketBeat reports. Ten research analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $25.11.

A number of analysts have recently issued reports on MNMD shares. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price objective for the company. Chardan Capital started coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Finally, Robert W. Baird dropped their price objective 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) Trading Down 2.0 %

Shares of Mind Medicine (MindMed) stock opened at $6.78 on Wednesday. The stock has a market capitalization of $511.00 million, a P/E ratio of -3.00 and a beta of 2.57. Mind Medicine has a 12-month low of $5.03 and a 12-month high of $12.22. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a 50-day simple moving average of $7.29 and a 200 day simple moving average of $6.96.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same period in the prior year, the business posted ($0.59) EPS. Research analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,643 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now directly owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $141,957.58. Following the sale, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. The trade was a 3.50 % 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 over the last 90 days. 2.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC purchased a new position in shares of Mind Medicine (MindMed) in the third quarter valued at about $134,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Mind Medicine (MindMed) by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after acquiring an additional 46,187 shares in the last quarter. MetLife Investment Management LLC bought a new stake in Mind Medicine (MindMed) in the third quarter worth $242,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Mind Medicine (MindMed) by 22.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock valued at $126,000 after purchasing an additional 4,079 shares in the last quarter. Finally, State Street Corp lifted its position in Mind Medicine (MindMed) by 0.5% during the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares during the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

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.