HC Wainwright Reiterates “Buy” Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $55.00 price target on the stock.

A number of other equities research analysts have also recently commented on MNMD. Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price objective on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. Finally, Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday. They set an “outperform” rating and a $23.00 price objective on the stock. Ten analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $26.33.

Mind Medicine (MindMed) Stock Down 2.6 %

Shares of NASDAQ MNMD opened at $7.13 on Friday. The stock has a market capitalization of $522.84 million, a price-to-earnings ratio of -3.15 and a beta of 2.60. Mind Medicine has a 52 week low of $3.82 and a 52 week high of $12.22. The firm has a 50-day moving average price of $7.28 and a 200 day moving average price of $6.94. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.02. During the same period last year, the firm posted ($0.53) earnings per share. Equities research analysts anticipate that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,106 shares of the business’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 transaction of $141,957.58. Following the transaction, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. The trade was a 3.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 28,022 shares of company stock valued at $208,203 over the last ninety days. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC lifted its holdings in Mind Medicine (MindMed) by 203.6% in the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock worth $775,000 after buying an additional 91,271 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after acquiring an additional 109,152 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after purchasing an additional 162,933 shares during the last quarter. State Street Corp grew its stake in Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after purchasing an additional 9,782 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Mind Medicine (MindMed) by 21.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after purchasing an additional 2,230 shares in the last quarter. 27.91% of the stock is currently owned by hedge funds and other 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.