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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has earned an average rating of “Buy” from the five research firms that are covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $25.20.

Several equities analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Royal Bank of Canada raised their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Finally, SVB Leerink began coverage on Mind Medicine (MindMed) in a research note on Monday. They set an “outperform” rating and a $20.00 price objective for the company.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock opened at $9.88 on Wednesday. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22. The business’s 50 day moving average is $7.79 and its two-hundred day moving average is $4.86. The company has a market capitalization of $694.27 million, a P/E ratio of -4.03 and a beta of 2.80.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). Analysts expect that Mind Medicine will post -1.7 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 16,519 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares of the company’s stock, valued at $5,511,919. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the transaction, the insider now owns 358,452 shares in the company, valued at $3,405,294. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The disclosure for this sale can be found here. Insiders own 2.11% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its position in shares of Mind Medicine (MindMed) by 60.7% during the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after buying an additional 2,824 shares during the period. Qube Research & Technologies Ltd purchased a new position in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $28,000. Virtu Financial LLC acquired a new position in shares of Mind Medicine (MindMed) in the first quarter worth $29,000. Regal Investment Advisors LLC acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at about $46,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Mind Medicine (MindMed) during the third quarter worth approximately $53,000. Hedge funds and other 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 for the treatment of core symptoms of autism spectrum disorder.