Mind Medicine (MindMed)’s (MNMD) “Outperform” Rating Reiterated at Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report published on Tuesday,Benzinga reports. The brokerage currently has a $20.00 price target on the stock.

Other equities research analysts have also issued reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective for the company. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Friday, October 11th. Finally, Canaccord Genuity Group dropped their price target 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. Eight equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Mind Medicine (MindMed) has an average rating of “Buy” and an average price target of $27.71.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $7.01 on Tuesday. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. Mind Medicine has a twelve month low of $3.35 and a twelve month high of $12.22. The company’s 50-day moving average price is $7.11 and its 200-day moving average price is $7.00. The company has a market cap of $514.06 million, a PE ratio of -3.10 and a beta of 2.58.

Insiders Place Their Bets

In other news, insider Dan Karlin sold 6,871 shares of the 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 transaction, the insider now owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This represents a 1.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the transaction, the chief executive officer now owns 545,772 shares in the company, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,994 shares of company stock worth $173,384 in the last three months. Corporate insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds have recently modified their holdings of the business. Bridgewealth Advisory Group LLC bought a new position in Mind Medicine (MindMed) in the second quarter worth approximately $72,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth $58,000. Wealth Alliance purchased a new stake in shares of Mind Medicine (MindMed) during the 2nd quarter worth $79,000. Arizona State Retirement System bought a new stake in Mind Medicine (MindMed) during the second quarter valued at about $114,000. Finally, Sanctuary Advisors LLC purchased a new position in Mind Medicine (MindMed) in the third quarter valued at about $91,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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.