Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Rating Upgraded by Leerink Partnrs

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) was upgraded by stock analysts at Leerink Partnrs to a "strong-buy" rating in a report released on Friday, Zacks.com reports.

Several other research analysts also recently commented on the stock. Roth Mkm assumed coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a "buy" rating and a $36.00 price objective for the company. Leerink Partners began coverage on Mind Medicine (MindMed) in a research note on Monday. They issued an "outperform" rating and a $20.00 price objective on the stock. Canaccord Genuity Group cut their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating for the company in a report on Monday, September 16th. Cantor Fitzgerald restated an "overweight" rating on shares of Mind Medicine (MindMed) in a research report on Friday, June 21st. Finally, Roth Capital upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Wednesday, July 24th. Nine research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $25.38.

Mind Medicine (MindMed) Price Performance

NASDAQ MNMD traded up $0.11 during trading hours on Friday, reaching $5.92. The company's stock had a trading volume of 1,048,718 shares, compared to its average volume of 1,441,989. 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 capitalization of $425.12 million, a price-to-earnings ratio of -2.01 and a beta of 2.52. The firm's 50-day moving average price is $6.06 and its 200-day moving average price is $7.64.

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

Insider Transactions at Mind Medicine (MindMed)

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

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently made changes to their positions in MNMD. Blackstone Inc. bought a new position in Mind Medicine (MindMed) during the 1st quarter worth about $11,749,000. Janus Henderson Group PLC purchased a new position in Mind Medicine (MindMed) during the first quarter valued at approximately $8,964,000. AWM Investment Company Inc. bought a new position in Mind Medicine (MindMed) in the first quarter worth approximately $7,830,000. Bank of New York Mellon Corp lifted its holdings in Mind Medicine (MindMed) by 472.7% during the second quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company's stock worth $1,775,000 after buying an additional 203,216 shares during the period. Finally, Tidal Investments LLC bought a new stake in Mind Medicine (MindMed) during the 1st quarter valued at $1,698,000. 27.91% of the stock is currently owned by 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.