Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Consensus Rating of “Buy” from Brokerages

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

Several equities analysts recently issued reports on the stock. HC Wainwright boosted their price target on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Roth Mkm began coverage on Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price on the stock. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th.

Mind Medicine (MindMed) Trading Down 1.0 %

MNMD opened at $6.05 on Friday. Mind Medicine has a one year low of $2.41 and a one year high of $12.22. 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 business has a 50 day simple moving average of $5.98 and a two-hundred day simple moving average of $7.43. The firm has a market capitalization of $434.83 million, a price-to-earnings ratio of -2.06 and a beta of 2.52.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its 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). Analysts predict that Mind Medicine will post -1.27 EPS for the current year.

Insider Activity

In other news, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at $2,061,042.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the sale, the chief executive officer now owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Karlin sold 6,871 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 transaction of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. The trade was a 0.00 % decrease in their position. 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. 2.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Tri Locum Partners LP increased its stake in Mind Medicine (MindMed) by 0.6% in the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after buying an additional 2,459 shares in the last quarter. SageView Advisory Group LLC bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at approximately $25,000. Cubist Systematic Strategies LLC lifted 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 purchasing an additional 6,890 shares in the last quarter. Bridgewealth Advisory Group LLC bought a new position in Mind Medicine (MindMed) in the 2nd quarter worth approximately $72,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter valued at approximately $58,000. 27.91% of the stock is 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.