Mind Medicine (MindMed) (NASDAQ:MNMD) Posts Quarterly Earnings Results, Misses Estimates By $0.08 EPS

Mind Medicine (MindMed) (NASDAQ:MNMD) announced its quarterly earnings data on Thursday. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.08), Zacks reports. During the same quarter last year, the firm posted ($0.59) earnings per share.

Mind Medicine (MindMed) Price Performance

MNMD stock traded up $0.36 on Thursday, reaching $6.74. 728,004 shares of the company’s stock were exchanged, compared to its average volume of 1,677,411. The stock has a fifty day moving average of $7.44 and a 200-day moving average of $6.91. Mind Medicine has a twelve month low of $5.03 and a twelve month high of $12.22. The firm has a market cap of $493.89 million, a PE ratio of -2.99 and a beta of 2.59. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling

In related news, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now owns 338,013 shares of the company’s stock, valued at $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert Barrow sold 19,106 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock valued at $208,203 over the last quarter. Company insiders own 2.26% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MNMD shares. Chardan Capital began coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective for the company. Evercore ISI began coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an “outperform” rating and a $23.00 target price for the company. Oppenheimer restated an “outperform” rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Ten research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $26.33.

Mind Medicine (MindMed) Company Profile

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.