Mind Medicine (MindMed) (NASDAQ:MNMD) Receives Outperform Rating from Oppenheimer

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “outperform” rating reiterated by stock analysts at Oppenheimer in a note issued to investors on Tuesday,Benzinga reports. They currently have a $20.00 price objective on the stock. Oppenheimer’s target price suggests a potential upside of 170.64% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Canaccord Genuity Group reduced their price objective on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Finally, Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target for the company. Eight investment 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.com, the stock has a consensus rating of “Buy” and an average price target of $27.71.

Mind Medicine (MindMed) Trading Down 0.1 %

Shares of Mind Medicine (MindMed) stock traded down $0.01 on Tuesday, reaching $7.39. 202,038 shares of the company’s stock were exchanged, compared to its average volume of 1,425,135. The firm’s 50-day moving average is $6.99 and its two-hundred day moving average is $7.01. The company has a market capitalization of $541.92 million, a P/E ratio of -3.25 and a beta of 2.58. 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 $3.27 and a 52 week high of $12.22.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the transaction, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. The trade was a 3.50 % decrease in their ownership of the stock. The transaction 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 firm’s stock in a transaction that occurred 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 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. Insiders have sold 28,994 shares of company stock valued at $173,384 in the last three months. 2.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC purchased a new position in Mind Medicine (MindMed) in the 3rd quarter valued at approximately $58,000. Bridgewealth Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) in the second quarter valued at $72,000. Wealth Alliance bought a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter valued at $79,000. Sanctuary Advisors LLC purchased a new stake in Mind Medicine (MindMed) during the 3rd quarter worth about $91,000. Finally, SG Americas Securities LLC bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth about $93,000. 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.