Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Average Recommendation of “Buy” by Analysts

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been assigned a consensus rating of “Buy” from the eleven analysts that are covering the stock, MarketBeat Ratings reports. Nine analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $22.00.

A number of brokerages have commented on MNMD. SVB Leerink began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. They issued an “outperform” rating and a $20.00 price objective for the company. Leerink Partnrs reaffirmed an “outperform” rating on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, May 24th. Roth Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD opened at $9.42 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.91 and a current ratio of 3.91. The company has a market cap of $677.02 million, a P/E ratio of -3.20 and a beta of 2.58. The firm’s fifty day moving average is $7.82 and its two-hundred day moving average is $7.40. Mind Medicine has a 52-week low of $2.41 and a 52-week high of $12.22.

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

Insider Activity

In other 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 completion of 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 document filed with the SEC, which is available at the SEC website. In other news, insider Dan Karlin sold 6,925 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 $49,998.50. Following the completion of the sale, the insider now owns 351,527 shares in the company, valued at approximately $2,538,024.94. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The disclosure for this sale can be found here. Company insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MNMD. SageView Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) during the 1st quarter worth approximately $25,000. Bailard Inc. bought a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth approximately $63,000. Mitchell Mcleod Pugh & Williams Inc. bought a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth approximately $73,000. Jump Financial LLC raised its stake in shares of Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after acquiring an additional 2,826 shares in the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Mind Medicine (MindMed) during the 1st quarter worth approximately $168,000. 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.