Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Consensus Rating of “Buy” by Brokerages

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been given an average rating of “Buy” by the twelve research firms that are covering the firm, Marketbeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $26.75.

A number of research analysts have recently commented on the company. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. Oppenheimer restated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 price target on the stock. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Finally, HC Wainwright restated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th.

Mind Medicine (MindMed) Stock Performance

MNMD opened at $6.51 on Friday. Mind Medicine has a one year low of $3.49 and a one year high of $12.22. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The business’s 50-day simple moving average is $7.44 and its 200-day simple moving average is $6.94.

Insiders Place Their Bets

In other news, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares of the company’s stock, valued at $2,511,436.59. This trade represents a 1.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the sale, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at $3,913,128.38. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds have recently modified their holdings of the business. Bridgewealth Advisory Group LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter valued at approximately $72,000. Wealth Enhancement Advisory Services LLC acquired a new position in Mind Medicine (MindMed) during the third quarter worth $58,000. Wealth Alliance acquired a new position in Mind Medicine (MindMed) during the second quarter worth $79,000. Arizona State Retirement System acquired a new position in Mind Medicine (MindMed) during the second quarter worth $114,000. Finally, Sanctuary Advisors LLC acquired a new position in Mind Medicine (MindMed) during the third quarter worth $91,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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.