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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has earned an average recommendation of “Buy” from the twelve ratings firms that are presently covering the company, Marketbeat Ratings 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 12-month price objective among analysts that have issued ratings on the stock in the last year is $26.75.

MNMD has been the topic of a number of research analyst reports. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Chardan Capital began coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective on the stock. Canaccord Genuity Group reduced their price objective 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. Oppenheimer reiterated an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Finally, HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th.

Mind Medicine (MindMed) Price Performance

NASDAQ MNMD opened at $7.07 on Friday. Mind Medicine has a 12-month low of $3.49 and a 12-month high of $12.22. The firm’s fifty day simple moving average is $7.41 and its two-hundred day simple moving average is $6.96. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $518.46 million, a P/E ratio of -3.13 and a beta of 2.60.

Insider Buying and Selling

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

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its position in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares during the period. Rhumbline Advisers acquired a new stake in shares of Mind Medicine (MindMed) in the second quarter valued at $679,000. Arizona State Retirement System purchased a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter valued at $114,000. Wealth Alliance acquired a new position in Mind Medicine (MindMed) during the 2nd quarter worth about $79,000. Finally, Profund Advisors LLC purchased a new position in Mind Medicine (MindMed) during the 2nd quarter valued at about $150,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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.