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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given a consensus recommendation of “Buy” by the thirteen analysts that are presently covering the stock, MarketBeat.com reports. Ten research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $25.11.

A number of research firms recently issued reports on MNMD. Oppenheimer restated an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Robert W. Baird decreased their target price on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. Finally, Evercore ISI assumed coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price target on the stock.

Mind Medicine (MindMed) Trading Down 5.3 %

Mind Medicine (MindMed) stock opened at $5.54 on Wednesday. Mind Medicine has a 1 year low of $5.03 and a 1 year high of $12.22. The firm’s 50-day moving average is $7.20 and its 200-day moving average is $6.96. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The company has a market cap of $417.54 million, a P/E ratio of -2.45 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same period in the previous year, the company earned ($0.59) EPS. On average, equities analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 21,208 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $142,941.92. Following the sale, the chief executive officer now directly owns 856,556 shares in the company, valued at $5,773,187.44. The trade was a 2.42 % 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 Daniel Karlin sold 6,836 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the sale, the insider now owns 446,177 shares of the company’s stock, valued at $3,007,232.98. The trade was a 1.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,391 shares of company stock valued at $204,835. 2.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MNMD. Corebridge Financial Inc. grew its holdings in shares of Mind Medicine (MindMed) by 4.1% in the 4th quarter. Corebridge Financial Inc. now owns 40,064 shares of the company’s stock worth $279,000 after acquiring an additional 1,569 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Mind Medicine (MindMed) by 9.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 21,492 shares of the company’s stock worth $150,000 after purchasing an additional 1,928 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Mind Medicine (MindMed) by 21.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock worth $87,000 after buying an additional 2,230 shares during the period. Woodline Partners LP lifted its stake in Mind Medicine (MindMed) by 0.3% during the fourth quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock valued at $6,996,000 after buying an additional 2,654 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Mind Medicine (MindMed) by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after buying an additional 2,797 shares during the period. 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.