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

Mind Medicine (MindMed) (NASDAQ:MNMD) was upgraded by stock analysts at Leerink Partnrs to a “strong-buy” rating in a note issued to investors on Friday, Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Canaccord Genuity Group lowered their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Roth Mkm assumed coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 price objective for the company. HC Wainwright upped their price target on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a research report on Monday. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Nine equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $25.38.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD opened at $5.81 on Friday. Mind Medicine has a 1-year low of $2.41 and a 1-year high of $12.22. The stock has a market cap of $417.58 million, a price-to-earnings ratio of -1.98 and a beta of 2.52. The stock’s 50-day moving average is $6.09 and its 200 day moving average is $7.67. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). On average, sell-side analysts anticipate that Mind Medicine will post -1.27 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 19,771 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Dan Karlin sold 6,871 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the sale, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,994 shares of company stock worth $173,384. Company insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in MNMD. Tri Locum Partners LP boosted its holdings in shares of Mind Medicine (MindMed) by 0.6% in the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after buying an additional 2,459 shares in the last quarter. SageView Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at about $25,000. Cubist Systematic Strategies LLC increased its position in Mind Medicine (MindMed) by 24.1% during the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after buying an additional 6,890 shares during the period. Bridgewealth Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) in the second quarter valued at approximately $72,000. Finally, Wealth Alliance purchased a new position in shares of Mind Medicine (MindMed) during the second quarter worth approximately $79,000. Institutional investors and hedge funds 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.