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Brokerages Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Price Target at $25.38

Mind Medicine (MindMed) logo with Medical background

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have earned an average rating of "Buy" from the twelve brokerages that are currently covering the stock, Marketbeat reports. Nine investment analysts have rated the stock with a buy recommendation and three 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.

MNMD has been the subject of a number of recent research reports. Canaccord Genuity Group decreased their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating for the company in a report on Monday, September 16th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Friday, October 11th. HC Wainwright increased their target price on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, August 29th. Roth Mkm started coverage on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They issued a "buy" rating and a $36.00 price objective on the stock. Finally, Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an "outperform" rating and a $20.00 target price for the company.

View Our Latest Stock Analysis on Mind Medicine (MindMed)

Insider Activity

In related news, CEO Robert Barrow sold 19,771 shares of the stock in a transaction 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 in the company, valued at $3,263,716.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Dan Karlin sold 6,871 shares of the firm'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 $41,088.58. Following the transaction, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the company's stock in a transaction 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 sale, the chief executive officer now owns 545,772 shares of the company's stock, valued at $3,263,716.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock worth $173,384 over the last quarter. 2.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently bought and sold shares of the company. SageView Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) during the first quarter valued at about $25,000. Bridgewealth Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth approximately $72,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $58,000. Wealth Alliance bought a new position in shares of Mind Medicine (MindMed) in the second quarter valued at approximately $79,000. Finally, Arizona State Retirement System bought a new stake in Mind Medicine (MindMed) during the second quarter worth $114,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Trading Down 1.0 %

Shares of MNMD stock traded down $0.06 during mid-day trading on Friday, reaching $6.05. 363,432 shares of the stock traded hands, compared to its average volume of 1,410,052. The stock's fifty day simple moving average is $5.98 and its two-hundred day simple moving average is $7.40. Mind Medicine has a 1-year low of $2.41 and a 1-year high of $12.22. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12. The company has a market cap of $434.83 million, a price-to-earnings ratio of -2.06 and a beta of 2.52.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.18). On average, research analysts anticipate that Mind Medicine will post -1.27 EPS for the current fiscal year.

Mind Medicine (MindMed) Company Profile

(Get Free Report

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.

Further Reading

Analyst Recommendations for Mind Medicine (MindMed) (NASDAQ:MNMD)

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