Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $25.38 Consensus Price Target from Brokerages

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) has been assigned an average rating of "Buy" from the twelve analysts that are presently covering the company, MarketBeat.com reports. Nine equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $25.38.

Several equities analysts have recently weighed in on MNMD shares. Roth Capital upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Wednesday, July 24th. Roth Mkm initiated coverage on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They set a "buy" rating and a $36.00 price target on the stock. Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Friday, October 11th. Leerink Partners initiated coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an "outperform" rating and a $20.00 target price on the stock. Finally, Canaccord Genuity Group reduced their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, September 16th.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD opened at $7.52 on Thursday. 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 business has a 50-day simple moving average of $6.40 and a two-hundred day simple moving average of $7.16. Mind Medicine has a fifty-two week low of $2.61 and a fifty-two week high of $12.22.

Insider Buying and Selling

In other news, insider Dan Karlin sold 6,871 shares of the business's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the sale, the insider now directly owns 344,656 shares in the company, valued at $2,061,042.88. The trade was a 1.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares of the company's stock, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,994 shares of company stock worth $173,384. Corporate insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently made changes to their positions in the company. Blackstone Inc. purchased a new stake in Mind Medicine (MindMed) in the 1st quarter worth about $11,749,000. Janus Henderson Group PLC purchased a new position in Mind Medicine (MindMed) during the 1st quarter valued at $8,964,000. AWM Investment Company Inc. bought a new position in Mind Medicine (MindMed) in the 1st quarter valued at $7,830,000. Tidal Investments LLC purchased a new stake in Mind Medicine (MindMed) in the first quarter worth $1,698,000. Finally, Virtu Financial LLC bought a new stake in shares of Mind Medicine (MindMed) during the first quarter worth $239,000. 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.