Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target Raised to $55.00 at HC Wainwright

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price target increased by HC Wainwright from $35.00 to $55.00 in a research report released on Thursday, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently issued reports on MNMD. Baird R W upgraded Mind Medicine (MindMed) to a strong-buy rating in a research report on Wednesday, May 29th. Roth Mkm initiated coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They set a buy rating and a $36.00 price target for the company. Robert W. Baird assumed coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, May 28th. They set an outperform rating and a $27.00 price objective for the company. Cantor Fitzgerald reissued an overweight rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Finally, Royal Bank of Canada reiterated an outperform rating and set a $22.00 price target on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Nine analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Mind Medicine (MindMed) currently has a consensus rating of Buy and an average price target of $27.00.

Mind Medicine (MindMed) Stock Up 0.8 %

Shares of NASDAQ:MNMD opened at $6.06 on Thursday. The firm has a market cap of $435.54 million, a P/E ratio of -2.06 and a beta of 2.58. Mind Medicine has a 12-month low of $2.41 and a 12-month high of $12.22. The business has a fifty day simple moving average of $7.36 and a 200 day simple moving average of $8.00. The company has a quick ratio of 5.92, a current ratio of 5.92 and a debt-to-equity ratio of 0.12.

Insider Activity at Mind Medicine (MindMed)

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

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently added to or reduced their stakes in the stock. Tri Locum Partners LP lifted its holdings 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 purchasing an additional 2,459 shares in the last quarter. SageView Advisory Group LLC purchased a new stake in Mind Medicine (MindMed) in the 1st quarter valued at $25,000. Jump Financial LLC lifted its stake in Mind Medicine (MindMed) by 8.3% during the 4th quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock valued at $135,000 after acquiring an additional 2,826 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after acquiring an additional 6,890 shares in the last quarter. Finally, Bridgewealth Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) in the second quarter valued at about $72,000. Institutional investors and hedge funds 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.