Mind Medicine (MindMed) (NASDAQ:MNMD) PT Lowered to $14.00 at Canaccord Genuity Group

Mind Medicine (MindMed) (NASDAQ:MNMD) had its target price decreased by investment analysts at Canaccord Genuity Group from $16.00 to $14.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 122.58% from the company’s current price.

Several other research analysts have also recently commented 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 boosted their price objective on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $22.00 target price on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Finally, Robert W. Baird started coverage on Mind Medicine (MindMed) in a research note on Tuesday, May 28th. They set an “outperform” rating and a $27.00 price objective for the company. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Stock Down 2.5 %

Shares of NASDAQ MNMD traded down $0.16 during midday trading on Monday, hitting $6.29. The company’s stock had a trading volume of 130,259 shares, compared to its average volume of 1,528,313. Mind Medicine has a 1 year low of $2.41 and a 1 year high of $12.22. The business’s fifty day simple moving average is $7.14 and its two-hundred day simple moving average is $8.08. The firm has a market capitalization of $452.07 million, a price-to-earnings ratio of -2.14 and a beta of 2.53. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). On average, equities analysts predict that Mind Medicine will post -1.27 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $113,057.98. Following 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dan Karlin sold 6,925 shares of Mind Medicine (MindMed) stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $49,998.50. Following the transaction, the insider now directly owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds have recently added to or reduced their stakes in the business. Tri Locum Partners LP grew its position in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after purchasing an additional 2,459 shares during the last quarter. SageView Advisory Group LLC purchased a new position in Mind Medicine (MindMed) during the first quarter worth $25,000. Jump Financial LLC raised its holdings in shares of Mind Medicine (MindMed) by 8.3% in the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after acquiring an additional 2,826 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Mind Medicine (MindMed) by 24.1% in the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after acquiring an additional 6,890 shares in the last quarter. Finally, Bridgewealth Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) during the second quarter valued at $72,000. 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.