Brokerages Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) PT at $26.33

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given an average recommendation of “Buy” by the thirteen analysts that are covering the stock, Marketbeat reports. Ten equities research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $26.33.

A number of research analysts have issued reports on the company. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, January 31st. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. Evercore ISI initiated coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective for the company. Chardan Capital assumed 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, Oppenheimer reissued an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th.

Mind Medicine (MindMed) Trading Down 1.0 %

Shares of MNMD opened at $8.18 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. Mind Medicine has a 52-week low of $4.31 and a 52-week high of $12.22. The firm has a market cap of $599.84 million, a price-to-earnings ratio of -3.62 and a beta of 2.59. The business’s fifty day moving average is $7.30 and its 200-day moving average is $6.90.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The stock was 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 in the company, valued at approximately $2,511,436.59. This trade represents a 1.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert Barrow sold 19,106 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 $141,957.58. Following 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MNMD. The Manufacturers Life Insurance Company bought a new stake in Mind Medicine (MindMed) in the second quarter valued at $197,000. Cubist Systematic Strategies LLC increased its position in Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after buying an additional 6,890 shares in the last quarter. SG Americas Securities LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter worth approximately $93,000. Wealth Enhancement Advisory Services LLC bought a new position in Mind Medicine (MindMed) in the third quarter worth approximately $58,000. Finally, Stoneridge Investment Partners LLC acquired a new stake in Mind Medicine (MindMed) in the third quarter valued at approximately $93,000. 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.