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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been assigned a consensus recommendation of “Buy” from the eleven brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $26.50.

Several research firms recently weighed in on MNMD. Oppenheimer started coverage on Mind Medicine (MindMed) in a report on Monday, August 4th. They issued an “outperform” rating and a $25.00 target price for the company. Lifesci Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Royal Bank Of Canada lowered their target price on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Finally, Chardan Capital reiterated a “buy” rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, August 1st.

Mind Medicine (MindMed) Trading Down 2.7%

Shares of NASDAQ:MNMD opened at $12.14 on Thursday. The company has a current ratio of 3.30, a quick ratio of 3.30 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $923.73 million, a PE ratio of -5.95 and a beta of 2.57. Mind Medicine has a 1 year low of $4.70 and a 1 year high of $14.43. The firm has a fifty day moving average price of $11.46 and a 200 day moving average price of $9.23.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). Analysts expect that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other news, insider Mark Sullivan sold 11,278 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $110,186.06. Following the transaction, the insider directly owned 293,852 shares in the company, valued at approximately $2,870,934.04. The trade was a 3.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel Karlin sold 7,704 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 $75,268.08. Following the sale, the insider owned 430,625 shares of the company’s stock, valued at approximately $4,207,206.25. The trade was a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 44,779 shares of company stock worth $437,491. Company insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently modified their holdings of MNMD. Russell Investments Group Ltd. increased its position in Mind Medicine (MindMed) by 110.4% during the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock worth $25,000 after acquiring an additional 2,003 shares during the period. BIT Capital GmbH acquired a new stake in Mind Medicine (MindMed) in the 3rd quarter worth $26,000. CWM LLC grew its position in Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after purchasing an additional 1,796 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Mind Medicine (MindMed) by 5,593.2% during the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after purchasing an additional 3,300 shares during the period. Finally, Sound Income Strategies LLC acquired a new position in shares of Mind Medicine (MindMed) during the third quarter valued at about $46,000. 27.91% of the stock is owned by 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.