Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) PT at $24.83

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been assigned an average rating of “Buy” from the five analysts that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a buy rating. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $25.20.

Several research firms have recently issued reports on MNMD. SVB Leerink initiated coverage on shares of Mind Medicine (MindMed) in a research report on Monday. They set an “outperform” rating and a $20.00 price objective on the stock. Royal Bank of Canada boosted their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Finally, HC Wainwright restated a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th.

Mind Medicine (MindMed) Price Performance

Shares of Mind Medicine (MindMed) stock opened at $9.88 on Wednesday. The company has a market capitalization of $694.27 million, a price-to-earnings ratio of -4.03 and a beta of 2.80. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. The stock’s 50-day simple moving average is $7.79 and its 200-day simple moving average is $4.86. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, analysts expect that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the sale, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Dan Karlin sold 6,578 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the transaction, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The disclosure for this sale can be found here. Corporate insiders own 2.11% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada boosted its position in shares of Mind Medicine (MindMed) by 60.7% during the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after buying an additional 2,824 shares during the period. Qube Research & Technologies Ltd bought a new position in Mind Medicine (MindMed) in the 3rd quarter valued at $28,000. Regal Investment Advisors LLC purchased a new stake in Mind Medicine (MindMed) in the third quarter worth $46,000. Commonwealth Equity Services LLC bought a new stake in shares of Mind Medicine (MindMed) during the third quarter worth $53,000. Finally, FMR LLC boosted its stake in shares of Mind Medicine (MindMed) by 40.0% during the third quarter. FMR LLC now owns 17,256 shares of the company’s stock valued at $54,000 after purchasing an additional 4,928 shares during the period. 27.91% of the stock is owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Company Profile

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 for the treatment of core symptoms of autism spectrum disorder.