SVB Leerink Initiates Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

SVB Leerink began coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note released on Monday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $20.00 target price on the stock.

MNMD has been the subject of several other research reports. HC Wainwright reissued a buy rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Royal Bank of Canada increased their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an outperform rating in a report on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of Buy and an average price target of $25.20.

Mind Medicine (MindMed) Trading Down 6.5 %

NASDAQ:MNMD opened at $8.91 on Monday. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average price of $7.98 and a two-hundred day moving average price of $4.92. The company has a market cap of $626.11 million, a P/E ratio of -3.64 and a beta of 2.81.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, analysts expect that Mind Medicine will post -1.72 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the sale, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the transaction, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Barrow sold 16,519 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The disclosure for this sale can be found here. Insiders own 2.11% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in Mind Medicine (MindMed) by 60.7% during the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock worth $27,000 after buying an additional 2,824 shares during the period. Qube Research & Technologies Ltd bought a new position in shares of Mind Medicine (MindMed) in the third quarter worth $28,000. Virtu Financial LLC bought a new position in shares of Mind Medicine (MindMed) in the first quarter worth $29,000. Regal Investment Advisors LLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter worth $46,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Mind Medicine (MindMed) in the third quarter worth $53,000. Institutional investors own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

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 for the treatment of core symptoms of autism spectrum disorder.