Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $26.33 Consensus Target Price from Brokerages

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been given an average rating of “Buy” by the thirteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $26.33.

A number of equities research analysts have recently commented on the company. Evercore ISI assumed coverage on Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price target on the stock. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price target on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Finally, HC Wainwright reissued a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st.

Mind Medicine (MindMed) Trading Down 4.0 %

Shares of MNMD opened at $8.97 on Tuesday. 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 has a 12-month low of $3.86 and a 12-month high of $12.22. The firm has a market capitalization of $657.77 million, a PE ratio of -3.97 and a beta of 2.59. The stock’s fifty day simple moving average is $7.29 and its 200-day simple moving average is $6.94.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.02. During the same period last year, the business posted ($0.53) earnings per share. As a group, research analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,106 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following the sale, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. This represents a 3.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the transaction, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,022 shares of company stock valued at $208,203 in the last 90 days. Corporate insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp increased its position in shares of Mind Medicine (MindMed) by 0.5% during the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after acquiring an additional 9,782 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after acquiring an additional 162,933 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Mind Medicine (MindMed) by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock valued at $3,428,000 after acquiring an additional 46,187 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Mind Medicine (MindMed) by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company’s stock valued at $1,393,000 after acquiring an additional 10,338 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Mind Medicine (MindMed) by 142.6% during the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after acquiring an additional 109,152 shares during the last quarter. 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.