Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $26.33 Average Price Target from Brokerages

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) has been given a consensus recommendation of "Buy" by the thirteen ratings firms that are covering the company, Marketbeat reports. Ten equities research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $26.33.

MNMD has been the subject of a number of research analyst reports. Evercore ISI assumed coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price target for the company. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an "outperform" rating and a $20.00 target price for the company. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a "buy" rating and a $20.00 price target on the stock. Oppenheimer restated an "outperform" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Finally, Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a report on Friday, October 11th.

Insider Activity

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of the business's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the firm's stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now owns 526,666 shares in the company, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock worth $208,203 over the last 90 days. 2.26% of the stock is currently owned by insiders.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $58,000. Sanctuary Advisors LLC bought a new stake in Mind Medicine (MindMed) during the third quarter valued at approximately $91,000. Foundations Investment Advisors LLC purchased a new stake in Mind Medicine (MindMed) during the fourth quarter valued at approximately $91,000. SLT Holdings LLC bought a new position in Mind Medicine (MindMed) in the fourth quarter worth approximately $91,000. Finally, SG Americas Securities LLC purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth $93,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Trading Down 7.9 %

Shares of NASDAQ:MNMD traded down $0.71 during midday trading on Tuesday, hitting $8.26. 2,207,934 shares of the stock traded hands, compared to its average volume of 2,032,181. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The business's 50 day moving average is $7.30 and its two-hundred day moving average is $6.93. The stock has a market capitalization of $605.71 million, a PE ratio of -3.65 and a beta of 2.59. Mind Medicine has a one year low of $4.18 and a one year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.02. During the same period in the previous year, the firm posted ($0.53) earnings per share. As a group, research analysts forecast that Mind Medicine will post -1.35 earnings per share for the current year.

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.