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

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) has been given a consensus recommendation of "Buy" by the thirteen research firms that are presently covering the stock, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $26.33.

MNMD has been the subject of a number of research analyst reports. Oppenheimer reissued an "outperform" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. HC Wainwright reissued a "buy" rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, January 31st. Chardan Capital initiated coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a "buy" rating and a $20.00 price target for the company. Finally, Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price target for the company.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,106 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the sale, the chief executive officer now directly owns 526,666 shares of the company's stock, valued at $3,913,128.38. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares of the company's stock, valued at $2,511,436.59. This trade represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is currently owned by corporate insiders.

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Institutional Trading of Mind Medicine (MindMed)

Hedge funds have recently made changes to their positions in the stock. Barclays PLC lifted its position in shares of Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company's stock worth $775,000 after purchasing an additional 91,271 shares in the last quarter. Wellington Management Group LLP increased its holdings in Mind Medicine (MindMed) by 142.6% in the third 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 last quarter. 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 worth $9,548,000 after buying an additional 162,933 shares during the last quarter. SG Americas Securities LLC increased its holdings in Mind Medicine (MindMed) by 48.8% in the fourth quarter. SG Americas Securities LLC now owns 24,406 shares of the company's stock worth $170,000 after buying an additional 8,004 shares during the last quarter. Finally, State Street Corp increased its holdings in 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 buying an additional 9,782 shares during the last quarter. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Price Performance

MNMD traded up $0.16 on Friday, reaching $6.23. The company had a trading volume of 2,309,413 shares, compared to its average volume of 1,678,204. Mind Medicine has a one year low of $5.03 and a one year high of $12.22. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $456.86 million, a P/E ratio of -2.76 and a beta of 2.59. The company has a fifty day moving average of $7.46 and a 200-day moving average of $6.91.

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.