Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Average Rating of "Buy" from Brokerages

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have been assigned a consensus rating of "Buy" from the thirteen analysts that are presently covering the firm, MarketBeat.com reports. Ten analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $26.33.

A number of equities research analysts have issued reports on MNMD shares. HC Wainwright restated a "buy" rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Leerink Partners began coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an "outperform" rating and a $20.00 price target for the company. Chardan Capital started coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a "buy" rating and a $20.00 target price on the stock. Oppenheimer reaffirmed an "outperform" rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price objective on the stock.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,106 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 $141,957.58. Following the completion of the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at $3,913,128.38. The trade was a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the sale, the insider now directly owns 338,013 shares in the company, valued at $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,022 shares of company stock worth $208,203 over the last 90 days. Company insiders own 2.26% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds have recently modified their holdings of MNMD. King Wealth Management Group acquired a new stake in Mind Medicine (MindMed) in the fourth quarter valued at approximately $70,000. Commonwealth Equity Services LLC raised its position in shares of Mind Medicine (MindMed) by 9.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 21,492 shares of the company's stock worth $150,000 after purchasing an additional 1,928 shares during the last quarter. Avantax Advisory Services Inc. purchased a new position in Mind Medicine (MindMed) in the 4th quarter valued at about $78,000. Hollencrest Capital Management boosted its holdings in Mind Medicine (MindMed) by 10,833.3% in the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company's stock worth $50,000 after buying an additional 7,150 shares during the last quarter. Finally, Wealthfront Advisers LLC purchased a new stake in shares of Mind Medicine (MindMed) during the fourth quarter worth approximately $717,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ MNMD traded down $0.08 during midday trading on Tuesday, reaching $8.18. 2,041,046 shares of the stock traded hands, compared to its average volume of 2,033,181. The company's 50 day moving average is $7.30 and its 200 day moving average is $6.90. Mind Medicine has a one year low of $4.31 and a one year high of $12.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The stock has a market capitalization of $599.84 million, a PE ratio of -3.62 and a beta of 2.59.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.02. During the same quarter in the previous year, the firm earned ($0.53) EPS. On average, equities research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

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.