Oppenheimer Reaffirms “Outperform” Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

Oppenheimer restated their outperform rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report issued on Tuesday morning,Benzinga reports. They currently have a $20.00 price objective on the stock.

A number of other equities research analysts have also weighed in on MNMD. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 price target on the stock. Canaccord Genuity Group dropped their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Finally, HC Wainwright reissued a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Eight analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $27.71.

Mind Medicine (MindMed) Stock Down 2.9 %

Mind Medicine (MindMed) stock opened at $7.01 on Tuesday. The business has a fifty day moving average price of $7.11 and a 200-day moving average price of $7.00. Mind Medicine has a 1-year low of $3.35 and a 1-year high of $12.22. The stock has a market capitalization of $514.06 million, a price-to-earnings ratio of -3.10 and a beta of 2.58. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Insider Buying and Selling

In other news, CEO Robert Barrow sold 19,771 shares of the firm’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 $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their position. The sale 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 business’s stock in a transaction 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 owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 over the last 90 days. Insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its stake in shares of Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after acquiring an additional 161,659 shares in the last quarter. State Street Corp raised its holdings in Mind Medicine (MindMed) by 0.5% in the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after purchasing an additional 9,782 shares during the period. Geode Capital Management LLC boosted its position in Mind Medicine (MindMed) by 10.8% during the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after purchasing an additional 162,933 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Mind Medicine (MindMed) by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock valued at $3,428,000 after purchasing an additional 46,187 shares during the period. Finally, Tri Locum Partners LP increased its position in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after buying an additional 2,459 shares in the last quarter. Hedge funds and other institutional investors 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.