Mind Medicine (MindMed) (NASDAQ:MNMD) Research Coverage Started at Chardan Capital

Chardan Capital started coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report published on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $20.00 price target on the stock.

Other research analysts have also recently issued research reports about the stock. HC Wainwright reiterated a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 target price for the company. Canaccord Genuity Group dropped their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Nine research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $26.75.

Mind Medicine (MindMed) Price Performance

Shares of MNMD opened at $7.16 on Friday. The stock has a 50 day simple moving average of $7.15 and a 200 day simple moving average of $6.98. Mind Medicine has a 52-week low of $3.37 and a 52-week high of $12.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The firm has a market capitalization of $525.06 million, a PE ratio of -3.17 and a beta of 2.58.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the sale, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This trade represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock worth $173,384 over the last ninety days. 2.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently bought and sold shares of MNMD. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth approximately $58,000. Bridgewealth Advisory Group LLC bought a new position in Mind Medicine (MindMed) during the second quarter worth $72,000. Wealth Alliance bought a new position in Mind Medicine (MindMed) during the second quarter worth $79,000. Sanctuary Advisors LLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter valued at about $91,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter worth about $93,000. Institutional investors and hedge funds 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.