Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Consensus Recommendation of “Buy” by Brokerages

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has earned an average recommendation of “Buy” from the six brokerages that are covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have issued a report on the stock in the last year is $25.20.

Several analysts have issued reports on MNMD shares. Leerink Partnrs restated an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Royal Bank of Canada upped their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. SVB Leerink started 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 for the company. Finally, HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th.

Mind Medicine (MindMed) Stock Down 5.1 %

Shares of NASDAQ:MNMD opened at $9.12 on Friday. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22. The firm has a fifty day moving average of $9.25 and a 200 day moving average of $5.57. The firm has a market capitalization of $640.86 million, a PE ratio of -3.72 and a beta of 2.72. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, research analysts anticipate that Mind Medicine will post -1.72 EPS for the current fiscal year.

Insider Activity

In related news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the transaction, the chief executive officer now directly owns 580,202 shares of the company’s stock, valued at $5,511,919. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the sale, the chief executive officer now owns 580,202 shares in the company, valued at $5,511,919. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Dan Karlin sold 6,578 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the sale, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The disclosure for this sale can be found here. Insiders own 2.11% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNMD. Scotia Capital Inc. purchased a new stake in Mind Medicine (MindMed) in the fourth quarter worth approximately $441,000. Moloney Securities Asset Management LLC boosted its holdings in Mind Medicine (MindMed) by 133.0% in the first quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company’s stock worth $1,522,000 after purchasing an additional 92,450 shares during the last quarter. Citigroup Inc. purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth $273,000. Jump Financial LLC purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth $106,000. Finally, AdvisorShares Investments LLC boosted its stake in shares of Mind Medicine (MindMed) by 28.5% during the 3rd quarter. AdvisorShares Investments LLC now owns 117,411 shares of the company’s stock worth $367,000 after acquiring an additional 26,047 shares during the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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.