Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $27.00 Average PT from Brokerages

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been assigned an average recommendation of “Buy” from the eleven brokerages that are currently covering the firm, Marketbeat.com reports. Nine research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $27.00.

Several equities research analysts have recently weighed in on MNMD shares. Royal Bank of Canada reiterated an “outperform” rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. HC Wainwright upped their target price on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Roth Mkm initiated coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 price target on the stock. Finally, Baird R W upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th.

Mind Medicine (MindMed) Price Performance

MNMD opened at $6.01 on Friday. The company has a market capitalization of $433.56 million, a price-to-earnings ratio of -2.04 and a beta of 2.53. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $7.21 and a 200-day moving average price of $8.05. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly 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). Equities analysts expect that Mind Medicine will post -1.27 EPS for the current year.

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,925 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the transaction, the insider now directly owns 351,527 shares in the company, valued at approximately $2,538,024.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $49,998.50. Following the completion of the sale, the insider now owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert Barrow sold 15,659 shares of Mind Medicine (MindMed) stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the transaction, the chief executive officer now owns 564,543 shares in the company, valued at approximately $4,076,000.46. The disclosure for this sale can be found here. Company insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company bought a new position in shares of Mind Medicine (MindMed) in the second quarter worth approximately $197,000. Cubist Systematic Strategies LLC grew its holdings in Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after acquiring an additional 6,890 shares during the last quarter. Marshall Wace LLP increased its position in shares of Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after acquiring an additional 161,659 shares during the period. Tri Locum Partners LP raised its stake in shares of Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after acquiring an additional 2,459 shares during the last quarter. Finally, Bridgewealth Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) during the second quarter valued at about $72,000. 27.91% of the stock is currently 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.