Mind Medicine (MindMed) (NASDAQ:MNMD) Earns “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research report sent to investors on Wednesday, Benzinga reports. HC Wainwright currently has a $35.00 target price on the stock.

Several other research firms have also recently issued reports on MNMD. Royal Bank of Canada reiterated an outperform rating and issued a $22.00 price objective on shares of Mind Medicine (MindMed) in a report on Wednesday, June 5th. Roth Capital upgraded Mind Medicine (MindMed) to a strong-buy rating in a research report on Wednesday, July 24th. Robert W. Baird initiated coverage on Mind Medicine (MindMed) in a research note on Tuesday, May 28th. They issued an outperform rating and a $27.00 price objective for the company. SVB Leerink began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, April 15th. They set an outperform rating and a $20.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an overweight rating on shares of Mind Medicine (MindMed) in a report on Friday, June 21st. Nine equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Mind Medicine (MindMed) presently has an average rating of Buy and an average price target of $22.00.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD opened at $8.11 on Wednesday. The firm’s fifty day moving average is $7.89 and its two-hundred day moving average is $7.59. Mind Medicine has a one year low of $2.41 and a one year high of $12.22. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 0.07.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Wednesday, May 8th. The company reported ($0.60) EPS for the quarter, topping the consensus estimate of ($0.66) by $0.06. As a group, equities analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 15,659 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 564,543 shares in the company, valued at approximately $4,076,000.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $113,057.98. Following the transaction, the chief executive officer now owns 564,543 shares of the company’s stock, valued at approximately $4,076,000.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Dan Karlin sold 6,925 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $49,998.50. Following the sale, the insider now directly owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently made changes to their positions in the stock. SageView Advisory Group LLC purchased a new position in shares of Mind Medicine (MindMed) during the 1st quarter worth approximately $25,000. Bailard Inc. acquired a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at $63,000. Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the 4th quarter valued at $73,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Mind Medicine (MindMed) during the 2nd quarter worth about $131,000. Finally, Jump Financial LLC boosted its holdings 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 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.