Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Free Report) 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.
Read Our Latest Stock Analysis on Mind Medicine (MindMed)
Mind Medicine (MindMed) Stock Performance
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.
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