Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $22.00 Average Price Target from Analysts

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

A number of brokerages recently issued reports on MNMD. Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research note on Monday, May 13th. Robert W. Baird initiated coverage on shares of Mind Medicine (MindMed) in a report on Tuesday, May 28th. They set an “outperform” rating and a $27.00 price target on the stock. Baird R W upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, May 29th. HC Wainwright reiterated a “buy” rating and set a $35.00 target price on shares of Mind Medicine (MindMed) in a research note on Wednesday, July 31st. Finally, Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $6.36 on Tuesday. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.07. The business’s fifty day simple moving average is $7.62 and its two-hundred day simple moving average is $7.89. The company has a market capitalization of $457.11 million, a price-to-earnings ratio of -2.16 and a beta of 2.58.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 15,659 shares of the company’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Robert Barrow sold 15,659 shares of the business’s stock in a transaction that occurred on 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 directly owns 564,543 shares in the company, valued at $4,076,000.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dan Karlin sold 6,925 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now 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.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently bought and sold shares of MNMD. SageView Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $25,000. Bridgewealth Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) in the second quarter worth approximately $72,000. Wealth Alliance purchased a new stake in shares of Mind Medicine (MindMed) in the second quarter worth $79,000. Arizona State Retirement System bought a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter valued at $114,000. Finally, Bailard Inc. purchased a new position in shares of Mind Medicine (MindMed) during the 4th quarter valued at $63,000. 27.91% of the stock is currently 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.