Robert W. Baird Cuts Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target to $16.00

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price target decreased by Robert W. Baird from $27.00 to $16.00 in a research report released on Friday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other research analysts also recently issued reports on the company. Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price target on the stock. Chardan Capital started coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price target on 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 Friday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Ten analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $25.11.

Mind Medicine (MindMed) Trading Up 3.3 %

MNMD opened at $6.83 on Friday. The stock’s fifty day moving average is $7.42 and its two-hundred day moving average is $6.92. The company has a market capitalization of $500.86 million, a P/E ratio of -3.02 and a beta of 2.57. Mind Medicine has a 52 week low of $5.03 and a 52 week high of $12.22. 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 (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same quarter last year, the firm posted ($0.59) earnings per share. Analysts forecast that Mind Medicine will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, 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 completion of the sale, the insider now owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert Barrow sold 19,106 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 value of $141,957.58. Following the sale, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently modified their holdings of the stock. Corebridge Financial Inc. lifted its holdings in shares of Mind Medicine (MindMed) by 4.1% in the 4th quarter. Corebridge Financial Inc. now owns 40,064 shares of the company’s stock valued at $279,000 after buying an additional 1,569 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Mind Medicine (MindMed) by 9.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 21,492 shares of the company’s stock valued at $150,000 after buying an additional 1,928 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Mind Medicine (MindMed) by 21.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after buying an additional 2,230 shares during the period. Woodline Partners LP lifted its holdings in shares of Mind Medicine (MindMed) by 0.3% in the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock valued at $6,996,000 after buying an additional 2,654 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Mind Medicine (MindMed) by 8.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock valued at $211,000 after buying an additional 2,797 shares during the period. 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.