Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target Cut to $14.00 by Analysts at Canaccord Genuity Group

Mind Medicine (MindMed) (NASDAQ:MNMD - Free Report) had its price target decreased by Canaccord Genuity Group from $16.00 to $14.00 in a research note published on Monday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on MNMD. Roth Mkm initiated coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They issued a buy rating and a $36.00 price target on the stock. Robert W. Baird initiated coverage on Mind Medicine (MindMed) in a research note on Tuesday, May 28th. They set an outperform rating and a $27.00 price target for the company. Cantor Fitzgerald reiterated an overweight rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. HC Wainwright upped 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 report on Thursday, August 29th. Finally, Roth Capital upgraded shares of Mind Medicine (MindMed) to a strong-buy rating in a research note on Wednesday, July 24th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $25.38.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock traded down $0.09 during trading hours on Monday, hitting $6.36. The stock had a trading volume of 572,785 shares, compared to its average volume of 1,530,799. The stock's 50 day moving average is $7.14 and its 200 day moving average is $8.08. The firm has a market capitalization of $457.11 million, a PE ratio of -2.14 and a beta of 2.53. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92.

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

Insider Activity

In related news, CEO Robert Barrow sold 15,659 shares of the company's stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $113,057.98. Following the sale, the chief executive officer now owns 564,543 shares in the company, valued at approximately $4,076,000.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Robert Barrow sold 15,659 shares of the business's stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total value of $113,057.98. Following the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at approximately $4,076,000.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Karlin sold 6,925 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the sale, the insider now directly owns 351,527 shares in the company, valued at $2,538,024.94. The disclosure for this sale can be found here. Insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blackstone Inc. acquired a new position in shares of Mind Medicine (MindMed) in the first quarter worth $11,749,000. Janus Henderson Group PLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter worth about $8,964,000. AWM Investment Company Inc. acquired a new position in Mind Medicine (MindMed) in the 1st quarter valued at about $7,830,000. Bank of New York Mellon Corp lifted its holdings in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company's stock valued at $1,775,000 after purchasing an additional 203,216 shares in the last quarter. Finally, Tidal Investments LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 1st quarter worth about $1,698,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

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.