Mind Medicine (MindMed)’s (MNMD) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $55.00 price objective on the stock.

Several other research firms have also recently weighed in on MNMD. Canaccord Genuity Group decreased their price objective 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. Roth Mkm started coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price objective for the company. Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Finally, Leerink Partners initiated coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 target price for the company. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, Mind Medicine (MindMed) has an average rating of “Buy” and an average target price of $25.38.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock opened at $8.39 on Monday. The company has a quick ratio of 5.92, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a one year low of $2.42 and a one year high of $12.22. The business has a fifty day moving average price of $6.29 and a 200-day moving average price of $7.24.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, equities analysts anticipate that Mind Medicine will post -1.25 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the sale, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 transaction, the insider now directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,994 shares of company stock worth $173,384. 2.26% of the stock is currently owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tri Locum Partners LP grew its holdings in shares of Mind Medicine (MindMed) by 0.6% during the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after acquiring an additional 2,459 shares during the period. SageView Advisory Group LLC purchased a new stake in Mind Medicine (MindMed) in the first quarter worth $25,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Mind Medicine (MindMed) by 22.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock worth $126,000 after purchasing an additional 4,079 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in Mind Medicine (MindMed) by 24.1% during the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after buying an additional 6,890 shares during the period. Finally, Bridgewealth Advisory Group LLC purchased a new position in Mind Medicine (MindMed) during the second quarter valued at $72,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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.