Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Price Target at $25.38

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been assigned an average rating of “Buy” from the twelve brokerages that are presently covering the company, MarketBeat Ratings reports. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $25.38.

Several equities analysts have commented on MNMD shares. HC Wainwright raised their price objective on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Roth Mkm started coverage on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They set a “buy” rating and a $36.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Finally, Canaccord Genuity Group dropped their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th.

Mind Medicine (MindMed) Price Performance

MNMD stock opened at $5.57 on Wednesday. The firm has a 50-day moving average of $6.54 and a 200 day moving average of $7.91. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92. The company has a market cap of $400.33 million, a P/E ratio of -1.90 and a beta of 2.52. Mind Medicine has a 1 year low of $2.41 and a 1 year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). On average, sell-side analysts forecast that Mind Medicine will post -1.27 EPS for the current year.

Insider Buying and Selling

In other news, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $118,230.58. Following the transaction, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Dan Karlin sold 6,871 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the transaction, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock worth $173,384 in the last three months. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Scotia Capital Inc. purchased a new stake in Mind Medicine (MindMed) during the fourth quarter valued at approximately $441,000. Sequoia Financial Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at $168,000. Moloney Securities Asset Management LLC increased its stake in shares of Mind Medicine (MindMed) by 133.0% in the 1st quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company’s stock worth $1,522,000 after purchasing an additional 92,450 shares in the last quarter. SageView Advisory Group LLC bought a new position in Mind Medicine (MindMed) in the 1st quarter worth $25,000. Finally, Blackstone Inc. bought a new position in Mind Medicine (MindMed) in the 1st quarter worth $11,749,000. 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.