Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Mind Medicine (MindMed) Inc. has received an average broker rating of "Moderate Buy", with one sell rating, six buy ratings, and one strong buy rating among analysts.
• The stock's average twelve-month price target is $26.50, while shares recently opened at $11.81, indicating a significant potential upside.
• Insider trading activity includes CEO Robert Barrow selling 25,797 shares for approximately $252,000, reducing his ownership by 3.11%.

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eight analysts that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $26.50.

MNMD has been the subject of a number of recent analyst reports. Oppenheimer initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an "outperform" rating and a $25.00 target price for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Mind Medicine (MindMed) in a research note on Wednesday. Finally, Chardan Capital reiterated a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st.

Insider Buying and Selling

In related news, CEO Robert Barrow sold 25,797 shares of the stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $252,036.69. Following the transaction, the chief executive officer owned 804,268 shares in the company, valued at approximately $7,857,698.36. This represents a 3.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark Sullivan sold 11,278 shares of the stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $110,186.06. Following the completion of the transaction, the insider owned 293,852 shares in the company, valued at approximately $2,870,934.04. This trade represents a 3.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,779 shares of company stock worth $437,491 in the last three months. 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 bought and sold shares of MNMD. Russell Investments Group Ltd. increased its holdings in Mind Medicine (MindMed) by 110.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company's stock worth $25,000 after buying an additional 2,003 shares during the period. CWM LLC increased its holdings 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 buying an additional 1,796 shares during the period. Sound Income Strategies LLC acquired a new position in Mind Medicine (MindMed) in the 3rd quarter worth approximately $46,000. BNP Paribas Financial Markets increased its holdings in Mind Medicine (MindMed) by 56.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 8,417 shares of the company's stock worth $55,000 after buying an additional 3,020 shares during the period. Finally, Black Swift Group LLC acquired a new position in Mind Medicine (MindMed) in the 1st quarter worth approximately $63,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Mind Medicine (MindMed) Stock Performance

MNMD stock opened at $11.81 on Friday. The firm has a market cap of $898.62 million, a price-to-earnings ratio of -7.72 and a beta of 2.55. The firm has a 50-day simple moving average of $10.15 and a two-hundred day simple moving average of $8.11. Mind Medicine has a one year low of $4.70 and a one year high of $12.94. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.12). On average, equities analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

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.

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