Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Target Price at $25.50

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been given an average recommendation of “Buy” by the eleven research firms that are covering the firm, Marketbeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $25.50.

Several research analysts have commented on MNMD shares. Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, May 13th. HC Wainwright reissued a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Chardan Capital reiterated a “buy” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, May 9th. Finally, Robert W. Baird reduced their price target on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, March 7th.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $7.17 on Monday. The stock has a market cap of $541.72 million, a P/E ratio of -3.17 and a beta of 2.52. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $10.44. The stock has a 50 day moving average of $6.60 and a 200-day moving average of $6.95.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, May 8th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.01. On average, analysts expect that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 21,208 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the completion of the transaction, the chief executive officer now directly owns 856,556 shares in the company, valued at approximately $5,773,187.44. This represents a 2.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel Karlin sold 6,836 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the completion of the sale, the insider now owns 446,177 shares of the company’s stock, valued at approximately $3,007,232.98. The trade was a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,391 shares of company stock worth $204,835 over the last quarter. Corporate insiders own 2.45% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Diadema Partners LP bought a new position in Mind Medicine (MindMed) during the 4th quarter valued at approximately $33,000. Hollencrest Capital Management raised its stake in Mind Medicine (MindMed) by 10,833.3% during the fourth quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock valued at $50,000 after buying an additional 7,150 shares during the last quarter. Black Swift Group LLC purchased a new stake in Mind Medicine (MindMed) during the 1st quarter valued at about $63,000. CreativeOne Wealth LLC bought a new stake in shares of Mind Medicine (MindMed) during the first quarter valued at approximately $67,000. Finally, King Wealth Management Group bought a new position in shares of Mind Medicine (MindMed) during the fourth quarter valued at $70,000. 27.91% of the stock is owned by 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.