Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target Lowered to $16.00 at Robert W. Baird

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) had its price objective dropped by Robert W. Baird from $27.00 to $16.00 in a note issued to investors on Friday, MarketBeat Ratings reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's target price would indicate a potential upside of 152.37% from the stock's previous close.

MNMD has been the topic of several other reports. Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday. Chardan Capital assumed coverage on 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, Oppenheimer reaffirmed an "outperform" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Ten research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $25.11.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD traded up $0.04 during trading on Friday, hitting $6.34. 1,296,580 shares of the company traded hands, compared to its average volume of 1,513,599. The stock has a market capitalization of $464.92 million, a price-to-earnings ratio of -2.81 and a beta of 2.57. Mind Medicine has a one year low of $5.03 and a one year high of $12.22. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The business's fifty day moving average is $7.41 and its 200-day moving average is $6.92.

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Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.08). During the same period in the previous year, the business earned ($0.59) earnings per share. As a group, equities analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Dan Karlin sold 6,643 shares of Mind Medicine (MindMed) stock in a transaction 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 transaction, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert Barrow sold 19,106 shares of the 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 sale, the chief executive officer now directly owns 526,666 shares of the company's stock, valued at approximately $3,913,128.38. This represents a 3.50 % 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 over the last ninety days. 2.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. AWM Investment Company Inc. grew its holdings in shares of Mind Medicine (MindMed) by 39.9% during the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company's stock valued at $8,304,000 after acquiring an additional 340,162 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Mind Medicine (MindMed) by 9.3% during the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock worth $17,410,000 after purchasing an additional 213,526 shares in the last quarter. Tang Capital Management LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $1,392,000. Geode Capital Management LLC grew its stake in shares of Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company's stock valued at $9,548,000 after buying an additional 162,933 shares in the last quarter. Finally, Allostery Investments LP acquired a new position in Mind Medicine (MindMed) in the fourth quarter worth approximately $905,000. Institutional investors and hedge funds 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.