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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have received a consensus recommendation of “Buy” from the thirteen research firms that are presently covering the company, MarketBeat reports. Ten equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $26.33.

A number of research firms have recently issued reports on MNMD. Oppenheimer reissued an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Evercore ISI started coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective on the stock. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday. Finally, Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the firm’s 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 transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,022 shares of company stock worth $208,203. 2.26% of the stock is currently owned by insiders.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its holdings in 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 worth $9,548,000 after acquiring an additional 162,933 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after purchasing an additional 109,152 shares during the period. Barclays PLC lifted its position in Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after buying an additional 91,271 shares during the last quarter. XTX Topco Ltd acquired a new position in Mind Medicine (MindMed) in the third quarter valued at about $337,000. Finally, Oppenheimer & Co. Inc. acquired a new position in Mind Medicine (MindMed) in the third quarter valued at about $298,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ MNMD opened at $7.37 on Tuesday. Mind Medicine has a fifty-two week low of $3.85 and a fifty-two week high of $12.22. The stock has a market cap of $540.44 million, a price-to-earnings ratio of -3.26 and a beta of 2.59. 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’s 50-day simple moving average is $7.26 and its 200 day simple moving average is $6.90.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.02. During the same quarter in the previous year, the business posted ($0.53) earnings per share. As a group, research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

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.