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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received an average rating of “Buy” from the twelve ratings firms that are presently covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $25.38.

A number of research analysts recently commented on MNMD shares. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Canaccord Genuity Group reduced their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Roth Mkm started coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They set a “buy” rating and a $36.00 target price on the stock. Finally, Leerink Partners assumed coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target for the company.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,871 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 $41,088.58. Following the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert Barrow sold 19,771 shares of the firm’s 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 approximately $3,263,716.56. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock valued at $173,384 in the last 90 days. Corporate insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC grew its position in Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after acquiring an additional 91,271 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $337,000. Wellington Management Group LLP grew its position in shares of Mind Medicine (MindMed) by 142.6% in the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares during the last quarter. Finally, State Street Corp grew its position in shares of Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after buying an additional 9,782 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD opened at $7.52 on Thursday. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm has a fifty day simple moving average of $6.40 and a 200 day simple moving average of $7.16. Mind Medicine has a 1-year low of $2.61 and a 1-year high of $12.22. The stock has a market capitalization of $551.46 million, a PE ratio of -3.33 and a beta of 2.48.

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.