Mind Medicine (MindMed)'s (MNMD) Buy Rating Reaffirmed at Chardan Capital

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Chardan Capital in a report issued on Friday,Benzinga reports. They presently have a $20.00 target price on the stock. Chardan Capital's price objective would indicate a potential upside of 210.08% from the stock's current price.

A number of other brokerages have also weighed in on MNMD. HC Wainwright restated a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 target price on the stock. Finally, Robert W. Baird reduced their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Mind Medicine (MindMed) has a consensus rating of "Buy" and an average target price of $25.11.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD traded up $0.30 during midday trading on Friday, reaching $6.45. 724,349 shares of the company traded hands, compared to its average volume of 1,378,274. 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 12 month low of $4.70 and a 12 month high of $10.44. The firm has a market capitalization of $486.12 million, a price-to-earnings ratio of -2.85 and a beta of 2.52. The firm's fifty day moving average price is $6.12 and its two-hundred day moving average price is $6.96.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.36) by $0.01. On average, equities analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Daniel Karlin sold 6,836 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now directly owns 446,177 shares in the company, valued at $3,007,232.98. This trade represents a 1.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert Barrow sold 21,208 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the transaction, the chief executive officer now owns 856,556 shares in the company, valued at approximately $5,773,187.44. The trade was a 2.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,391 shares of company stock worth $204,835 in the last ninety days. 2.45% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Diadema Partners LP bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth $33,000. Hollencrest Capital Management increased its holdings in shares of Mind Medicine (MindMed) by 10,833.3% in the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company's stock worth $50,000 after purchasing an additional 7,150 shares in the last quarter. Black Swift Group LLC bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth $63,000. King Wealth Management Group bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth $70,000. Finally, Virtus ETF Advisers LLC bought a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth $70,000. 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.