Mind Medicine (MindMed) (NASDAQ:MNMD) Receives Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note issued to investors on Friday morning, Benzinga reports. HC Wainwright currently has a $35.00 price objective on the stock.

A number of other research analysts also recently issued reports on the stock. Oppenheimer reiterated an outperform rating and issued a $20.00 price target (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research note on Monday, May 13th. SVB Leerink initiated coverage on Mind Medicine (MindMed) in a report on Monday, April 15th. They set an outperform rating and a $20.00 price objective on the stock. Leerink Partnrs reissued an outperform rating on shares of Mind Medicine (MindMed) in a report on Monday, April 15th. Finally, Royal Bank of Canada upped their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an outperform rating in a research report on Thursday, February 29th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of Buy and an average target price of $17.67.

Mind Medicine (MindMed) Stock Up 3.5 %

Mind Medicine (MindMed) stock traded up $0.28 during trading on Friday, reaching $8.23. 974,867 shares of the company were exchanged, compared to its average volume of 1,145,554. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.91 and a current ratio of 3.91. The stock’s 50 day simple moving average is $9.41 and its two-hundred day simple moving average is $6.01.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). As a group, research analysts anticipate that Mind Medicine will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the transaction, the insider now directly owns 358,452 shares in the company, valued at approximately $3,405,294. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the transaction, the insider now directly owns 358,452 shares in the company, valued at approximately $3,405,294. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The disclosure for this sale can be found here. 2.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MNMD. SageView Advisory Group LLC acquired a new stake in Mind Medicine (MindMed) in the 1st quarter valued at about $25,000. Jump Financial LLC boosted its holdings in Mind Medicine (MindMed) by 8.3% in the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after purchasing an additional 2,826 shares during the period. Regal Investment Advisors LLC purchased a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at $46,000. Commonwealth Equity Services LLC bought a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $53,000. Finally, Bailard Inc. bought a new stake in Mind Medicine (MindMed) during the fourth quarter worth about $63,000. Institutional investors and hedge funds 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.