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

by · The Markets Daily

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Free Report) have been given a consensus rating of “Buy” by the nine research firms that are presently covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $20.00.

MNMD has been the subject of several research reports. HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, May 24th. Oppenheimer restated an “outperform” rating and set a $20.00 price objective (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research note on Monday, May 13th. Royal Bank of Canada restated an “outperform” rating and set a $22.00 price objective on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. SVB Leerink initiated coverage on Mind Medicine (MindMed) in a research note on Monday, April 15th. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, Leerink Partnrs restated an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th.

Check Out Our Latest Research Report on MNMD

Mind Medicine (MindMed) Stock Performance

NASDAQ:MNMD opened at $7.21 on Monday. The stock has a market cap of $506.65 million, a P/E ratio of -2.45 and a beta of 2.64. The stock has a 50 day simple moving average of $8.30 and a 200 day simple moving average of $6.90. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07. Mind Medicine has a 1-year low of $2.41 and a 1-year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.06. Research analysts anticipate that Mind Medicine will post -1.36 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently modified their holdings of the company. Virtu Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at $239,000. Tidal Investments LLC acquired a new position in Mind Medicine (MindMed) during the 1st quarter worth about $1,698,000. AWM Investment Company Inc. acquired a new position in Mind Medicine (MindMed) during the 1st quarter worth about $7,830,000. Janus Henderson Group PLC acquired a new position in Mind Medicine (MindMed) during the 1st quarter worth about $8,964,000. Finally, Blackstone Inc. acquired a new position in Mind Medicine (MindMed) during the 1st quarter worth about $11,749,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

(Get Free Report

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.

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