HC Wainwright Has Strong Forecast for MNMD FY2028 Earnings

Key Points

• HC Wainwright has revised its FY2028 EPS estimate for Mind Medicine (MindMed) to $0.37, a significant increase from the previous estimate of $0.30, while the current consensus estimate stands at a loss of ($1.35) per share.
• Mind Medicine's stock received upgrades from Cantor Fitzgerald and Chardan Capital, with seven analysts rating it a "buy" and two a "strong buy," leading to an average price target of $24.71.
• Insider transactions revealed significant stock sales by CEO Robert Barrow and insider Daniel Karlin, indicating a decrease in insider ownership amidst positive updates about the company's earnings outlook.

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) - Analysts at HC Wainwright lifted their FY2028 earnings per share estimates for Mind Medicine (MindMed) in a report released on Monday, August 4th. HC Wainwright analyst P. Trucchio now anticipates that the company will post earnings per share of $0.37 for the year, up from their prior estimate of $0.30. The consensus estimate for Mind Medicine (MindMed)'s current full-year earnings is ($1.35) per share. HC Wainwright also issued estimates for Mind Medicine (MindMed)'s FY2029 earnings at $2.94 EPS.

A number of other research analysts also recently commented on the company. Oppenheimer began coverage on Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an "outperform" rating and a $25.00 price target for the company. Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Chardan Capital reiterated a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of "Buy" and a consensus price target of $24.71.

Mind Medicine (MindMed) Price Performance

MNMD stock traded down $0.14 during midday trading on Tuesday, reaching $9.85. The company had a trading volume of 1,184,575 shares, compared to its average volume of 1,271,573. The company has a market capitalization of $744.17 million, a price-to-earnings ratio of -6.44 and a beta of 2.49. The stock has a 50 day moving average price of $8.08 and a 200-day moving average price of $7.21. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $10.44. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12).

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MNMD. CWM LLC boosted its stake in Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company's stock worth $29,000 after purchasing an additional 1,796 shares during the period. Diadema Partners LP bought a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $33,000. Black Swift Group LLC bought a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $63,000. CreativeOne Wealth LLC bought a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $67,000. Finally, Virtus ETF Advisers LLC bought a new stake in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $70,000. Institutional investors own 27.91% of the company's stock.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 26,491 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $180,138.80. Following the completion of the transaction, the chief executive officer owned 830,065 shares in the company, valued at $5,644,442. This trade represents a 3.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark Sullivan sold 11,491 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $78,138.80. Following the completion of the transaction, the insider owned 305,130 shares of the company's stock, valued at approximately $2,074,884. This represents a 3.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,830 shares of company stock worth $311,644 over the last quarter. 2.45% of the stock is currently owned by company insiders.

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.