Mind Medicine (MindMed) (NASDAQ:MNMD) Coverage Initiated by Analysts at Chardan Capital

Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report released on Friday, Marketbeat.com reports. The brokerage issued a buy rating and a $20.00 price objective on the stock.

A number of other brokerages have also issued reports on MNMD. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. 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. Finally, Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 target price for the company. Nine analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $26.75.

Mind Medicine (MindMed) Stock Performance

MNMD stock opened at $7.16 on Friday. Mind Medicine has a 1 year low of $3.37 and a 1 year high of $12.22. The company has a market cap of $525.06 million, a P/E ratio of -3.17 and a beta of 2.58. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The stock’s fifty day moving average price is $7.15 and its 200-day moving average price is $6.99.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) 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 transaction, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the sale, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. The trade was a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,994 shares of company stock valued at $173,384 in the last quarter. 2.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the third quarter valued at $91,000. Barclays PLC lifted its stake in Mind Medicine (MindMed) by 203.6% during the third quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after purchasing an additional 91,271 shares during the period. Geode Capital Management LLC grew its holdings in shares of Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after purchasing an additional 162,933 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at approximately $337,000. Finally, Wellington Management Group LLP raised its stake in shares of Mind Medicine (MindMed) by 142.6% during the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after buying an additional 109,152 shares during the last quarter. 27.91% of the stock is owned by institutional investors.

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.