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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have earned a consensus rating of "Buy" from the twelve brokerages that are currently covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $25.38.

A number of research analysts recently weighed in on MNMD shares. Royal Bank of Canada restated an "outperform" rating and set a $22.00 price objective on shares of Mind Medicine (MindMed) in a research report on Wednesday, June 5th. Canaccord Genuity Group reduced their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, September 16th. Cantor Fitzgerald restated an "overweight" rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. HC Wainwright increased their price objective on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, August 29th. Finally, Roth Mkm started coverage on shares of Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They set a "buy" rating and a $36.00 target price for the company.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,771 shares of the business's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the transaction, the chief executive officer now directly owns 545,772 shares of the company's stock, valued at approximately $3,263,716.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares of the company's stock, valued at approximately $3,263,716.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dan Karlin sold 6,871 shares of the firm's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the transaction, the insider now owns 344,656 shares of the company's stock, valued at approximately $2,061,042.88. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock valued at $173,384 over the last ninety days. 2.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Scotia Capital Inc. purchased a new stake in Mind Medicine (MindMed) during the fourth quarter valued at $441,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $168,000. Moloney Securities Asset Management LLC lifted its holdings in shares of Mind Medicine (MindMed) by 133.0% in the 1st quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company's stock valued at $1,522,000 after acquiring an additional 92,450 shares during the last quarter. SageView Advisory Group LLC purchased a new position in Mind Medicine (MindMed) in the first quarter worth about $25,000. Finally, Blackstone Inc. bought a new stake in Mind Medicine (MindMed) during the first quarter worth approximately $11,749,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Stock Down 1.4 %

MNMD stock traded down $0.08 on Wednesday, reaching $5.55. 320,327 shares of the company traded hands, compared to its average volume of 1,481,201. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92. The firm has a fifty day simple moving average of $6.62 and a 200-day simple moving average of $7.93. Mind Medicine has a one year low of $2.41 and a one year high of $12.22. The company has a market cap of $398.89 million, a P/E ratio of -1.89 and a beta of 2.53.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). Research analysts anticipate that Mind Medicine will post -1.27 earnings per share for the current year.

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.