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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have received an average rating of “Buy” from the twelve ratings firms that are currently covering the company, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $25.38.

Several research analysts have recently issued reports on MNMD shares. Roth Mkm initiated coverage on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $22.00 target price on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Canaccord Genuity Group decreased their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright boosted their target price on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th.

Mind Medicine (MindMed) Stock Down 1.1 %

Shares of NASDAQ:MNMD opened at $5.63 on Wednesday. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22. The stock has a market capitalization of $404.64 million, a price-to-earnings ratio of -1.91 and a beta of 2.53. The stock has a fifty day simple moving average of $6.69 and a two-hundred day simple moving average of $7.94. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). On average, research analysts anticipate that Mind Medicine will post -1.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the sale, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at $3,263,716.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the transaction, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at $3,263,716.56. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock worth $173,384 in the last three months. 2.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several large investors have recently added to or reduced their stakes in MNMD. SageView Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) in the first quarter worth $25,000. Bridgewealth Advisory Group LLC purchased a new stake in Mind Medicine (MindMed) in the 2nd quarter worth $72,000. Wealth Alliance bought a new stake in Mind Medicine (MindMed) during the second quarter valued at about $79,000. Arizona State Retirement System purchased a new position in shares of Mind Medicine (MindMed) in the second quarter valued at about $114,000. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Mind Medicine (MindMed) in the first quarter valued at about $168,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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.