Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Average Rating of “Buy” by Brokerages

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has earned an average rating of “Buy” from the twelve brokerages that are presently covering the company, MarketBeat.com reports. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $25.38.

MNMD has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Canaccord Genuity Group reduced their price objective on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Finally, Leerink Partners assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday, October 14th. They set an “outperform” rating and a $20.00 price target for the company.

Insiders Place Their Bets

In related news, CEO Robert Barrow sold 19,771 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 $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 3.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dan Karlin sold 6,871 shares of the business’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 transaction, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,994 shares of company stock valued at $173,384. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently modified their holdings of MNMD. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth $58,000. Bridgewealth Advisory Group LLC acquired a new stake in Mind Medicine (MindMed) in the second quarter valued at approximately $72,000. Wealth Alliance purchased a new position in Mind Medicine (MindMed) in the second quarter worth $79,000. Sanctuary Advisors LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter valued at about $91,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Mind Medicine (MindMed) during the third quarter worth about $93,000. 27.91% of the stock is currently owned by institutional investors.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD opened at $8.26 on Thursday. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The firm’s fifty day moving average price is $6.50 and its two-hundred day moving average price is $7.09. Mind Medicine has a 1 year low of $2.91 and a 1 year high of $12.22. The firm has a market capitalization of $605.71 million, a P/E ratio of -3.64 and a beta of 2.48.

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.