Mind Medicine (MindMed)’s (MNMD) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report released on Friday,Benzinga reports. The firm currently has a $55.00 price target on the stock. HC Wainwright also issued estimates for Mind Medicine (MindMed)’s FY2029 earnings at $2.86 EPS.

MNMD has been the subject of a number of other reports. Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Finally, Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 target price for the company. Ten investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $25.11.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD opened at $6.83 on Friday. The company has a fifty day moving average of $7.42 and a two-hundred day moving average of $6.92. Mind Medicine has a 1 year low of $5.03 and a 1 year high of $12.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The company has a market capitalization of $500.86 million, a PE ratio of -3.02 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same quarter last year, the firm earned ($0.59) EPS. As a group, analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. 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 the 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 completion of the transaction, the insider now directly 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,022 shares of company stock valued at $208,203. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. AWM Investment Company Inc. grew its position in shares of Mind Medicine (MindMed) by 39.9% in the fourth quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company’s stock valued at $8,304,000 after purchasing an additional 340,162 shares during the last quarter. Marshall Wace LLP grew its position in shares of Mind Medicine (MindMed) by 9.3% in the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company’s stock valued at $17,410,000 after purchasing an additional 213,526 shares during the last quarter. Tang Capital Management LLC acquired a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at approximately $1,392,000. Geode Capital Management LLC grew its position in shares of Mind Medicine (MindMed) by 10.8% in the third 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 last quarter. Finally, Allostery Investments LP acquired a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at approximately $905,000. 27.91% of the stock is 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.