Roth Mkm Initiates Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

Investment analysts at Roth Mkm began coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a note issued to investors on Wednesday, MarketBeat reports. The brokerage set a “buy” rating and a $36.00 price target on the stock. Roth Mkm’s price objective would suggest a potential upside of 282.17% from the company’s current price.

Other research analysts have also issued research reports about the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $22.00 price objective on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. SVB Leerink assumed coverage on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. They set an “outperform” rating and a $20.00 price target on the stock. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price objective (down from $29.00) on shares of Mind Medicine (MindMed) in a report on Monday, May 13th. Finally, 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 target price on the stock. Nine investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $22.00.

Mind Medicine (MindMed) Trading Up 8.0 %

Shares of NASDAQ:MNMD opened at $9.42 on Wednesday. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average price is $7.82 and its 200 day moving average price is $7.40. The company has a market cap of $677.02 million, a PE ratio of -3.20 and a beta of 2.58. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.06. Sell-side analysts anticipate that Mind Medicine will post -1.36 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNMD. Blackstone Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at $11,749,000. Janus Henderson Group PLC purchased a new stake in Mind Medicine (MindMed) in the 1st quarter worth about $8,964,000. AWM Investment Company Inc. acquired a new stake in Mind Medicine (MindMed) during the 1st quarter worth about $7,830,000. Tidal Investments LLC purchased a new position in Mind Medicine (MindMed) during the 1st quarter valued at about $1,698,000. Finally, Scotia Capital Inc. purchased a new position in Mind Medicine (MindMed) during the 4th quarter valued at about $441,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

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.