Mind Medicine (MindMed) (NASDAQ:MNMD) Rating Reiterated by Cantor Fitzgerald

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report)'s stock had its "overweight" rating reissued by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Friday, Benzinga reports.

Several other equities research analysts also recently issued reports on MNMD. Oppenheimer reaffirmed an "outperform" rating and issued a $20.00 price target (down from $29.00) on shares of Mind Medicine (MindMed) in a research report on Monday, May 13th. Baird R W upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Wednesday, May 29th. Royal Bank of Canada reiterated an "outperform" rating and issued a $22.00 target price on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Robert W. Baird started coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, May 28th. They issued an "outperform" rating and a $27.00 target price for the company. Finally, Leerink Partnrs reiterated an "outperform" rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Mind Medicine (MindMed) has an average rating of "Buy" and a consensus price target of $20.00.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD traded up $0.11 during midday trading on Friday, hitting $7.36. The company's stock had a trading volume of 4,099,914 shares, compared to its average volume of 1,732,332. The stock has a market capitalization of $517.19 million, a price-to-earnings ratio of -2.44 and a beta of 2.64. The stock's 50 day simple moving average is $8.56 and its 200 day simple moving average is $6.68. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.91 and a current ratio of 3.91.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.06. As a group, research analysts anticipate that Mind Medicine will post -1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the transaction, the chief executive officer now owns 580,202 shares in the company, valued at $5,511,919. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the transaction, the insider now owns 358,452 shares in the company, valued at $3,405,294. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the transaction, the chief executive officer now owns 580,202 shares of the company's stock, valued at approximately $5,511,919. The disclosure for this sale can be found here. Corporate insiders own 2.26% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Blackstone Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at approximately $11,749,000. Janus Henderson Group PLC acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at approximately $8,964,000. AWM Investment Company Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at approximately $7,830,000. Tidal Investments LLC acquired a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at approximately $1,698,000. Finally, Moloney Securities Asset Management LLC increased its holdings in shares of Mind Medicine (MindMed) by 133.0% in the first quarter. Moloney Securities Asset Management LLC now owns 161,961 shares of the company's stock valued at $1,522,000 after purchasing an additional 92,450 shares in the last quarter. Institutional investors 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.