Mind Medicine (MindMed) (NASDAQ:MNMD) Raised to “Strong-Buy” at Leerink Partnrs

Mind Medicine (MindMed) (NASDAQ:MNMD) was upgraded by equities research analysts at Leerink Partnrs to a “strong-buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

A number of other research firms have also issued reports on MNMD. Leerink Partners assumed coverage on Mind Medicine (MindMed) in a report on Monday. They issued an “outperform” rating and a $20.00 target price on the stock. HC Wainwright boosted their target price on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Canaccord Genuity Group dropped their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Cantor Fitzgerald reissued an “overweight” rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Finally, Roth Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Nine equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Trading Up 7.4 %

MNMD opened at $5.81 on Friday. The firm has a market cap of $417.58 million, a price-to-earnings ratio of -1.98 and a beta of 2.52. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22. The business’s 50 day moving average is $6.09 and its two-hundred day moving average is $7.67. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). On average, research analysts predict that Mind Medicine will post -1.27 EPS for the current year.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the sale, the insider now directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Robert Barrow sold 19,771 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the sale, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dan Karlin sold 6,871 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the sale, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,994 shares of company stock worth $173,384. 2.26% of the stock is owned by corporate insiders.

Institutional Trading of Mind Medicine (MindMed)

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Tri Locum Partners LP lifted its position in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after acquiring an additional 2,459 shares in the last quarter. SageView Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at $25,000. Cubist Systematic Strategies LLC increased its stake in Mind Medicine (MindMed) by 24.1% in the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after purchasing an additional 6,890 shares during the last quarter. Bridgewealth Advisory Group LLC acquired a new position in Mind Medicine (MindMed) in the second quarter valued at $72,000. Finally, Wealth Alliance acquired a new position in Mind Medicine (MindMed) in the second quarter valued at $79,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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.