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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have received an average recommendation of "Buy" from the thirteen ratings firms that are covering the firm, MarketBeat reports. Ten investment analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $25.11.

Several equities analysts have commented on MNMD shares. Oppenheimer reissued an "outperform" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Robert W. Baird cut their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Finally, Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a "buy" rating and a $20.00 price objective for the company.

Mind Medicine (MindMed) Stock Down 3.7 %

Shares of MNMD traded down $0.24 during mid-day trading on Wednesday, reaching $6.19. The company's stock had a trading volume of 1,096,667 shares, compared to its average volume of 1,426,184. The company has a market cap of $466.53 million, a price-to-earnings ratio of -2.74 and a beta of 2.57. The business has a fifty day moving average of $7.26 and a 200 day moving average of $6.96. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a 1 year low of $5.03 and a 1 year high of $12.22.

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Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings results 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 posted ($0.59) EPS. As a group, analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MNMD. Intech Investment Management LLC bought a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $134,000. Charles Schwab Investment Management Inc. raised its stake in Mind Medicine (MindMed) by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company's stock worth $3,428,000 after acquiring an additional 46,187 shares in the last quarter. MetLife Investment Management LLC bought a new position in shares of Mind Medicine (MindMed) during the third quarter valued at $242,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Mind Medicine (MindMed) by 22.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company's stock valued at $126,000 after purchasing an additional 4,079 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Mind Medicine (MindMed) by 0.5% in the 3rd 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. 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.