Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target Raised to $25.00 at Canaccord Genuity Group

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price objective boosted by Canaccord Genuity Group from $16.00 to $25.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on MNMD. Oppenheimer assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday, August 4th. They issued an “outperform” rating and a $25.00 target price on the stock. Royal Bank Of Canada reduced their price objective on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday. Needham & Company LLC set a $28.00 price objective on shares of Mind Medicine (MindMed) and gave the stock a “buy” rating in a research report on Monday, October 13th. Lifesci Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, October 14th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of “Buy” and a consensus target price of $26.50.

Mind Medicine (MindMed) Stock Up 3.2%

NASDAQ:MNMD traded up $0.36 during midday trading on Friday, reaching $11.70. The company had a trading volume of 2,207,313 shares, compared to its average volume of 2,320,453. Mind Medicine has a 12-month low of $4.70 and a 12-month high of $14.43. The firm has a market capitalization of $890.23 million, a price-to-earnings ratio of -5.74 and a beta of 2.57. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 0.22. The stock’s fifty day simple moving average is $11.27 and its 200-day simple moving average is $9.08.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.26). On average, sell-side analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,704 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $75,268.08. Following the transaction, the insider owned 430,625 shares of the company’s stock, valued at $4,207,206.25. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mark Sullivan sold 11,278 shares of the stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $110,186.06. Following the completion of the sale, the insider directly owned 293,852 shares of the company’s stock, valued at $2,870,934.04. The trade was a 3.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 44,779 shares of company stock worth $437,491 in the last quarter. 2.45% of the stock is owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of large investors have recently bought and sold shares of the company. Fifth Third Bancorp increased its stake in shares of Mind Medicine (MindMed) by 5,593.2% during the third quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after acquiring an additional 3,300 shares during the period. Sound Income Strategies LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter worth approximately $46,000. Russell Investments Group Ltd. increased its position in Mind Medicine (MindMed) by 110.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock worth $25,000 after purchasing an additional 2,003 shares during the period. CWM LLC raised its stake in shares of Mind Medicine (MindMed) by 67.4% during the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after buying an additional 1,796 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Mind Medicine (MindMed) by 56.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 8,417 shares of the company’s stock valued at $55,000 after buying an additional 3,020 shares during the period. 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.