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

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

Several equities research analysts have issued reports on the stock. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price target on the stock. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. HC Wainwright reiterated a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Finally, Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price target on the stock.

Mind Medicine (MindMed) Trading Up 0.3 %

Shares of NASDAQ:MNMD opened at $6.72 on Friday. 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 has a 12 month low of $5.03 and a 12 month high of $12.22. The company’s fifty day simple moving average is $7.50 and its 200 day simple moving average is $6.91. The firm has a market cap of $492.79 million, a price-to-earnings ratio of -2.97 and a beta of 2.59.

Insider Transactions at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) 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 completion of the sale, the chief executive officer now owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the sale, the insider now directly owns 338,013 shares of the company’s stock, valued at $2,511,436.59. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock worth $208,203 in the last ninety days. Insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC boosted its holdings in Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares during the period. Wellington Management Group LLP boosted its holdings in Mind Medicine (MindMed) by 142.6% in the 3rd 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. Geode Capital Management LLC boosted 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 valued at $9,548,000 after purchasing an additional 162,933 shares during the period. SG Americas Securities LLC boosted its holdings in Mind Medicine (MindMed) by 48.8% in the 4th quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock valued at $170,000 after purchasing an additional 8,004 shares during the period. Finally, State Street Corp boosted its holdings in Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares during the period. Institutional investors own 27.91% of the company’s stock.

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.