Mind Medicine (MindMed) (NASDAQ:MNMD) Given Buy Rating at HC Wainwright

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued on Wednesday, Benzinga reports. They currently have a $35.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 310.32% from the company’s previous close.

A number of other research analysts have also weighed in on MNMD. Leerink Partnrs restated an “outperform” rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Roth Mkm began coverage on Mind Medicine (MindMed) in a research report on Wednesday, July 24th. They set a “buy” rating and a $36.00 price objective for the company. Baird R W upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, May 29th. SVB Leerink began coverage on Mind Medicine (MindMed) in a research report on Monday, April 15th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $20.00 price target (down previously from $29.00) on shares of Mind Medicine (MindMed) in a research report on Monday, May 13th. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $22.00.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD opened at $8.53 on Wednesday. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07. The business’s 50-day simple moving average is $7.86 and its two-hundred day simple moving average is $7.55. The stock has a market cap of $613.05 million, a PE ratio of -2.90 and a beta of 2.58. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.60) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.06. As a group, analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert Barrow sold 15,659 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares of the company’s stock, valued at $4,076,000.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Robert Barrow sold 15,659 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares of the company’s stock, valued at $4,076,000.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dan Karlin sold 6,925 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now directly owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The disclosure for this sale can be found here. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of large investors have recently bought and sold shares of the business. SageView Advisory Group LLC acquired a new position in shares of Mind Medicine (MindMed) during the first quarter worth $25,000. Bailard Inc. acquired a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth $63,000. Sequoia Financial Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) during the first quarter worth $168,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Mind Medicine (MindMed) during the second quarter worth $131,000. Finally, Mitchell Mcleod Pugh & Williams Inc. acquired a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth $73,000. 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.