Mind Medicine (MindMed) (NASDAQ:MNMD) Releases Quarterly Earnings Results, Misses Estimates By $0.08 EPS

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.08), Zacks reports. During the same quarter in the prior year, the company posted ($0.59) EPS.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD traded down $0.53 during mid-day trading on Monday, hitting $6.30. The company's stock had a trading volume of 1,719,233 shares, compared to its average volume of 1,514,468. The company has a market capitalization of $461.99 million, a price-to-earnings ratio of -2.79 and a beta of 2.57. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a fifty-two week low of $5.03 and a fifty-two week high of $12.22. The stock has a fifty day moving average of $7.42 and a 200-day moving average of $6.92.

Analysts Set New Price Targets

A number of research firms have issued reports on MNMD. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Friday. Evercore ISI started coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price objective on the stock. Robert W. Baird cut their target price on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a research note on Friday. Chardan Capital started coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a "buy" rating and a $20.00 price target on the stock. Finally, Oppenheimer restated an "outperform" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $25.11.

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Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,106 shares of the business's stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the sale, the chief executive officer now owns 526,666 shares of the company's stock, valued at $3,913,128.38. The trade was a 3.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the company's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now owns 338,013 shares in the company, 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 have sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is currently owned by corporate insiders.

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.