Canaccord Genuity Group Lowers Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target to $14.00

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price target dropped by research analysts at Canaccord Genuity Group from $16.00 to $14.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 131.02% from the company’s current price.

Several other equities research analysts have also commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $22.00 price objective on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Robert W. Baird assumed coverage on Mind Medicine (MindMed) in a report on Tuesday, May 28th. They set an “outperform” rating and a $27.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Baird R W raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. Finally, Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $25.38.

Mind Medicine (MindMed) Trading Down 4.7 %

Shares of Mind Medicine (MindMed) stock opened at $6.06 on Monday. The company has a market capitalization of $435.54 million, a P/E ratio of -2.06 and a beta of 2.53. The stock has a fifty day simple moving average of $7.11 and a 200 day simple moving average of $8.08. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.18). On average, sell-side analysts anticipate that Mind Medicine will post -1.27 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blackstone Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the first quarter worth $11,749,000. Janus Henderson Group PLC purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at about $8,964,000. AWM Investment Company Inc. bought a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $7,830,000. Bank of New York Mellon Corp grew its holdings in shares of Mind Medicine (MindMed) by 472.7% during the second 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 in the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Mind Medicine (MindMed) in the first quarter worth approximately $1,698,000. 27.91% of the stock is currently owned by 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.