Mind Medicine (MindMed) (NASDAQ:MNMD) Research Coverage Started at Leerink Partners

Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD - Free Report) in a report issued on Monday, StockNewsAPI reports. The brokerage issued an outperform rating and a $20.00 price target on the stock.

A number of other brokerages have also recently issued reports on MNMD. Roth Mkm assumed coverage on Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a buy rating and a $36.00 price objective on the stock. HC Wainwright increased their price target on shares of Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a buy rating in a report on Thursday, August 29th. Roth Capital upgraded shares of Mind Medicine (MindMed) to a strong-buy rating in a research note on Wednesday, July 24th. Canaccord Genuity Group reduced their price target on shares of 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. Finally, Cantor Fitzgerald reiterated an overweight rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Buy and a consensus price target of $25.38.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD traded up $0.40 on Monday, hitting $5.81. 885,688 shares of the stock traded hands, compared to its average volume of 1,443,975. The business's fifty day moving average is $6.13 and its two-hundred day moving average is $7.69. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22. The firm has a market capitalization of $417.58 million, a price-to-earnings ratio of -1.98 and a beta of 2.52. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.92 and a current ratio of 5.92.

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

Insider Buying and Selling

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now directly owns 344,656 shares of the company's stock, valued at approximately $2,061,042.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Robert Barrow sold 19,771 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 transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) 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 completion of the transaction, the insider now directly 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 disclosure for this sale can be found here. Insiders sold 28,994 shares of company stock worth $173,384 in the last quarter. 2.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. SageView Advisory Group LLC bought a new stake in Mind Medicine (MindMed) in the first quarter valued at $25,000. Bridgewealth Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) during the second quarter valued at about $72,000. Wealth Alliance purchased a new position in shares of Mind Medicine (MindMed) during the second quarter valued at about $79,000. SG Americas Securities LLC bought a new position in Mind Medicine (MindMed) in the third quarter worth about $93,000. Finally, Arizona State Retirement System purchased a new stake in Mind Medicine (MindMed) in the second quarter worth about $114,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

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.