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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received a consensus recommendation of “Buy” from the thirteen ratings firms that are covering the firm, Marketbeat reports. Ten investment analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $25.11.

Several equities research analysts have weighed in on the company. Oppenheimer restated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price on the stock. Robert W. Baird decreased their price target on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Finally, Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective on the stock.

Mind Medicine (MindMed) Trading Down 3.7 %

Shares of MNMD stock opened at $6.19 on Wednesday. Mind Medicine has a fifty-two week low of $5.03 and a fifty-two week high of $12.22. The company has a 50 day moving average price of $7.26 and a 200 day moving average price of $6.97. The stock has a market capitalization of $466.53 million, a P/E ratio of -2.74 and a beta of 2.57. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same period last year, the business posted ($0.59) EPS. Equities research analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Activity

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 21,208 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the completion of the sale, the chief executive officer now owns 856,556 shares in the company, valued at approximately $5,773,187.44. The trade was a 2.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel Karlin sold 6,836 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at approximately $3,007,232.98. This trade represents a 1.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,391 shares of company stock worth $204,835. Corporate insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors and hedge funds have recently bought and sold shares of the business. Corebridge Financial Inc. raised its stake in Mind Medicine (MindMed) by 4.1% during the 4th quarter. Corebridge Financial Inc. now owns 40,064 shares of the company’s stock valued at $279,000 after acquiring an additional 1,569 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of Mind Medicine (MindMed) by 9.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 21,492 shares of the company’s stock valued at $150,000 after purchasing an additional 1,928 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Mind Medicine (MindMed) by 21.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after acquiring an additional 2,230 shares in the last quarter. Woodline Partners LP grew its holdings in shares of Mind Medicine (MindMed) by 0.3% during the fourth quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock worth $6,996,000 after buying an additional 2,654 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Mind Medicine (MindMed) by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after purchasing an additional 2,797 shares during the last quarter. Hedge funds and other institutional investors 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.