Leerink Partners Initiates Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

Equities researchers at Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research report issued on Monday, StockNewsAPI reports. The firm set an “outperform” rating and a $20.00 price target on the stock. Leerink Partners’ price objective would suggest a potential upside of 238.12% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group lowered their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. HC Wainwright raised their price target on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Roth Mkm began coverage on Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They set a “buy” rating and a $36.00 price target on the stock. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $25.38.

Mind Medicine (MindMed) Price Performance

Shares of MNMD stock opened at $5.92 on Monday. The company has a market cap of $425.12 million, a P/E ratio of -2.01 and a beta of 2.52. 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 stock’s 50-day moving average is $6.06 and its 200 day moving average is $7.64. 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 quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). Research analysts predict that Mind Medicine will post -1.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

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

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently made changes to their positions in MNMD. Blackstone Inc. acquired a new stake in Mind Medicine (MindMed) in the 1st quarter valued at $11,749,000. Janus Henderson Group PLC acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at about $8,964,000. AWM Investment Company Inc. purchased a new stake in shares of Mind Medicine (MindMed) during the first quarter worth about $7,830,000. Bank of New York Mellon Corp raised its position in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after purchasing an additional 203,216 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in Mind Medicine (MindMed) in the 1st quarter valued at about $1,698,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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.