Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $25.11 Average PT from Brokerages

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have earned a consensus rating of "Buy" from the thirteen research firms that are presently covering the company, Marketbeat Ratings reports. Ten analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $25.11.

A number of equities analysts have weighed in on the company. HC Wainwright reissued a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Robert W. Baird cut their target price on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Finally, Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an "outperform" rating and a $23.00 price target on the stock.

Mind Medicine (MindMed) Trading Up 1.0 %

NASDAQ MNMD traded up $0.06 during trading on Friday, hitting $6.17. The company had a trading volume of 75,752 shares, compared to its average volume of 1,388,606. The company's fifty day moving average is $6.35 and its 200-day moving average is $6.89. The company has a market cap of $465.10 million, a price-to-earnings ratio of -2.73 and a beta of 2.54. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a one year low of $4.70 and a one year high of $10.44.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings data on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same quarter last year, the firm earned ($0.59) earnings per share. On average, sell-side analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert Barrow sold 21,208 shares of the business's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the transaction, the chief executive officer now directly owns 856,556 shares in the company, valued at $5,773,187.44. The trade was a 2.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel Karlin sold 6,836 shares of the company's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the transaction, the insider now directly owns 446,177 shares of the company's stock, valued at approximately $3,007,232.98. This trade represents a 1.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,391 shares of company stock valued at $204,835. 2.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP boosted its position in shares of Mind Medicine (MindMed) by 9.3% during the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock worth $17,410,000 after acquiring an additional 213,526 shares during the last quarter. State Street Corp increased its holdings in shares of Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company's stock worth $10,326,000 after purchasing an additional 9,782 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Mind Medicine (MindMed) by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company's stock worth $11,996,000 after purchasing an additional 45,386 shares during the last quarter. AWM Investment Company Inc. boosted its stake in Mind Medicine (MindMed) by 39.9% during the fourth quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company's stock valued at $8,304,000 after buying an additional 340,162 shares during the last quarter. Finally, Woodline Partners LP boosted its stake in Mind Medicine (MindMed) by 0.3% during the fourth quarter. Woodline Partners LP now owns 1,005,198 shares of the company's stock valued at $6,996,000 after buying an additional 2,654 shares during the last quarter. 27.91% of the stock is currently owned by institutional investors.

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.