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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been assigned a consensus rating of “Buy” from the nine analysts that are covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $20.00.

A number of research firms recently weighed in on MNMD. Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday. Leerink Partnrs reissued an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. Baird R W raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, May 29th. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, May 24th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 target price (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research note on Monday, May 13th.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several large investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of Mind Medicine (MindMed) during the first quarter worth $239,000. Tidal Investments LLC bought a new stake in shares of Mind Medicine (MindMed) during the first quarter worth $1,698,000. AWM Investment Company Inc. acquired a new position in Mind Medicine (MindMed) during the first quarter worth $7,830,000. Janus Henderson Group PLC acquired a new position in Mind Medicine (MindMed) during the first quarter worth $8,964,000. Finally, Blackstone Inc. acquired a new position in Mind Medicine (MindMed) during the first quarter worth $11,749,000. Institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Trading Up 1.5 %

MNMD opened at $7.36 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.91 and a quick ratio of 3.91. The company has a market cap of $517.19 million, a price-to-earnings ratio of -2.50 and a beta of 2.64. The firm has a 50 day simple moving average of $8.51 and a 200 day simple moving average of $6.73. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.06. On average, sell-side analysts anticipate that Mind Medicine will post -1.36 earnings per share for the current year.

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.