Mind Medicine (MindMed) (NASDAQ:MNMD) Rating Increased to Strong-Buy at Cantor Fitzgerald

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) was upgraded by equities research analysts at Cantor Fitzgerald to a "strong-buy" rating in a research note issued on Tuesday, May 13th,Zacks.com reports. Cantor Fitzgerald also issued estimates for Mind Medicine (MindMed)'s FY2025 earnings at ($1.39) EPS.

MNMD has been the subject of a number of other research reports. Chardan Capital restated a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, May 9th. HC Wainwright restated a "buy" rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Robert W. Baird reduced their price target on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Finally, Evercore ISI assumed coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an "outperform" rating and a $23.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $25.11.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ MNMD traded up $0.64 during trading on Tuesday, hitting $7.65. 2,884,894 shares of the company were exchanged, compared to its average volume of 1,384,342. The firm's fifty day moving average price is $6.13 and its 200 day moving average price is $6.96. 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 cap of $576.34 million, a price-to-earnings ratio of -3.40 and a beta of 2.52. Mind Medicine has a 1 year low of $4.70 and a 1 year high of $10.44.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.01. On average, sell-side analysts expect that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $46,074.64. Following the sale, the insider now directly owns 446,177 shares of the company's stock, valued at approximately $3,007,232.98. This represents a 1.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $142,941.92. Following the completion of the transaction, the chief executive officer now directly owns 856,556 shares of the company's stock, valued at $5,773,187.44. This trade represents a 2.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,391 shares of company stock worth $204,835. Corporate insiders own 2.45% of the company's stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in MNMD. Corebridge Financial Inc. increased its position in Mind Medicine (MindMed) by 4.1% in the 4th quarter. Corebridge Financial Inc. now owns 40,064 shares of the company's stock valued at $279,000 after acquiring an additional 1,569 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Mind Medicine (MindMed) by 6.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,867 shares of the company's stock worth $169,000 after purchasing an additional 1,669 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Mind Medicine (MindMed) by 9.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 21,492 shares of the company's stock valued at $150,000 after purchasing an additional 1,928 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Mind Medicine (MindMed) by 21.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company's stock valued at $87,000 after purchasing an additional 2,230 shares during the period. Finally, Woodline Partners LP raised its stake in shares of Mind Medicine (MindMed) by 0.3% during the fourth quarter. Woodline Partners LP now owns 1,005,198 shares of the company's stock valued at $6,996,000 after purchasing an additional 2,654 shares in the last quarter. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.