HC Wainwright Reaffirms Buy Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

HC Wainwright reiterated their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research report report published on Friday morning,Benzinga reports. They currently have a $55.00 target price on the stock. HC Wainwright also issued estimates for Mind Medicine (MindMed)’s FY2029 earnings at $2.84 EPS.

A number of other research analysts have also recently commented on MNMD. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 target price for the company. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 target price on the stock. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Finally, Evercore ISI started coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price for the company. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus target price of $26.33.

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD opened at $6.79 on Friday. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm’s fifty day simple moving average is $7.26 and its 200 day simple moving average is $6.91. The stock has a market cap of $497.91 million, a P/E ratio of -3.00 and a beta of 2.60. Mind Medicine has a twelve month low of $3.82 and a twelve month high of $12.22.

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

Insider Buying and Selling

In other news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Barrow sold 19,106 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $141,957.58. Following the transaction, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,022 shares of company stock worth $208,203 in the last three months. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently modified their holdings of MNMD. Wealth Enhancement Advisory Services LLC purchased a new stake in Mind Medicine (MindMed) during the third quarter valued at $58,000. Sanctuary Advisors LLC bought a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $91,000. Foundations Investment Advisors LLC bought a new position in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $91,000. Stoneridge Investment Partners LLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $93,000. Finally, SG Americas Securities LLC purchased a new stake in Mind Medicine (MindMed) during the third quarter valued at approximately $93,000. 27.91% of the stock is owned by 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.