Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $27.71 Consensus PT from Analysts

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given a consensus recommendation of “Buy” by the twelve brokerages that are currently covering the company, MarketBeat.com reports. Nine equities research analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $26.75.

MNMD has been the subject of a number of recent research reports. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research report on Friday. They issued a “buy” rating and a $20.00 price objective on the stock. 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 target price for the company. HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Finally, Canaccord Genuity Group reduced their price objective on shares of 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.

Mind Medicine (MindMed) Stock Performance

MNMD opened at $7.16 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The company has a market capitalization of $525.06 million, a price-to-earnings ratio of -3.17 and a beta of 2.58. The business’s 50-day moving average price is $7.15 and its two-hundred day moving average price is $6.99. Mind Medicine has a 1 year low of $3.37 and a 1 year high of $12.22.

Insider Activity

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the firm’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 completion of the sale, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) 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 transaction, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 in the last quarter. Company insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in shares of Mind Medicine (MindMed) by 472.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock worth $1,775,000 after buying an additional 203,216 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Mind Medicine (MindMed) by 142.6% during the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock worth $1,057,000 after acquiring an additional 109,152 shares during the period. Rhumbline Advisers bought a new stake in shares of Mind Medicine (MindMed) during the second quarter worth approximately $679,000. Marshall Wace LLP grew its position in shares of Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock valued at $15,575,000 after purchasing an additional 161,659 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Mind Medicine (MindMed) by 8.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after purchasing an additional 46,187 shares during the period. 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.