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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been assigned a consensus rating of “Buy” from the twelve ratings firms that are presently covering the stock, MarketBeat.com reports. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $25.38.

Several equities analysts recently weighed in on the company. Roth Mkm began coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They set a “buy” rating and a $36.00 target price on the stock. Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Canaccord Genuity Group lowered their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, September 16th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Finally, HC Wainwright restated a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the sale, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This represents a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 28,994 shares of company stock valued at $173,384. Insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of large investors have recently added to or reduced their stakes in MNMD. Barclays PLC raised its holdings in shares of Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after purchasing an additional 91,271 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after buying an additional 162,933 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth about $337,000. Wellington Management Group LLP grew its holdings in Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after acquiring an additional 109,152 shares during the last quarter. Finally, State Street Corp grew its holdings in Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after acquiring an additional 9,782 shares during the last quarter. 27.91% of the stock is owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Stock Up 4.4 %

MNMD stock opened at $7.52 on Thursday. The firm has a market cap of $551.46 million, a PE ratio of -3.33 and a beta of 2.48. The business has a 50 day moving average of $6.40 and a 200 day moving average of $7.16. Mind Medicine has a twelve month low of $2.61 and a twelve 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.

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.