Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Consensus Rating of "Buy" by Brokerages

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) has earned an average recommendation of "Buy" from the twelve brokerages that are presently covering the company, Marketbeat reports. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $26.75.

Several analysts recently weighed in on the company. Canaccord Genuity Group dropped their price target on Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating for the company in a report on Monday, September 16th. Oppenheimer reissued an "outperform" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Friday, October 11th. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a "buy" rating and a $20.00 price objective for the company. Finally, HC Wainwright restated a "buy" rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD traded down $0.14 during trading on Friday, reaching $6.93. 1,834,196 shares of the company's stock were exchanged, compared to its average volume of 1,709,350. Mind Medicine has a fifty-two week low of $3.49 and a fifty-two week high of $12.22. The stock has a market capitalization of $508.19 million, a P/E ratio of -3.07 and a beta of 2.60. The business has a 50 day moving average price of $7.43 and a 200-day moving average price of $6.95. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $3,913,128.38. This represents a 3.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The shares were 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. The trade was 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 in the last ninety days. 2.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company's stock valued at $1,775,000 after acquiring an additional 203,216 shares during the period. Geode Capital Management LLC increased its holdings in Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company's stock valued at $9,548,000 after purchasing an additional 162,933 shares during the period. Marshall Wace LLP raised its position in Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company's stock worth $15,575,000 after purchasing an additional 161,659 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Mind Medicine (MindMed) by 142.6% during the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company's stock worth $1,057,000 after buying an additional 109,152 shares during the period. Finally, Rhumbline Advisers bought a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter valued at about $679,000. Institutional investors own 27.91% of the company's stock.

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.