Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $24.00 Consensus Target Price from Brokerages

Key Points

• Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given a consensus rating of "Buy" by analysts, with an average price target of $24.00.
• Insider sales of the company’s stock have occurred recently, with Daniel Karlin and Mark Sullivan selling a total of 19,339 shares valued at approximately $131,505.
• Institutional investors currently own 27.91% of Mind Medicine's stock, reflecting a growing interest from hedge funds in the company.

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have earned a consensus rating of "Buy" from the nine ratings firms that are covering the stock, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $24.00.

MNMD has been the subject of several recent research reports. Cantor Fitzgerald raised Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday, May 13th. Chardan Capital reissued a "buy" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday.

Mind Medicine (MindMed) Trading Down 6.1%

Shares of Mind Medicine (MindMed) stock traded down $0.56 on Tuesday, hitting $8.54. The stock had a trading volume of 738,859 shares, compared to its average volume of 1,529,803. The stock has a 50 day moving average of $7.80 and a 200 day moving average of $7.10. Mind Medicine has a twelve month low of $4.70 and a twelve month high of $10.44. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.27 and a current ratio of 7.27. The firm has a market capitalization of $644.82 million, a P/E ratio of -6.62 and a beta of 2.45.

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

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,848 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $53,366.40. Following the transaction, the insider directly owned 438,329 shares in the company, valued at approximately $2,980,637.20. This represents a 1.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Sullivan sold 11,491 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total value of $78,138.80. Following the transaction, the insider owned 305,130 shares in the company, valued at $2,074,884. The trade was a 3.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,830 shares of company stock valued at $311,644. 2.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Mind Medicine (MindMed) by 32.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,550 shares of the company's stock worth $94,000 after buying an additional 3,350 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Mind Medicine (MindMed) by 52.7% during the 4th quarter. Deutsche Bank AG now owns 71,595 shares of the company's stock worth $498,000 after buying an additional 24,716 shares in the last quarter. Tang Capital Management LLC bought a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth approximately $1,392,000. Wells Fargo & Company MN boosted its holdings in shares of Mind Medicine (MindMed) by 61.8% during the 4th quarter. Wells Fargo & Company MN now owns 39,974 shares of the company's stock worth $278,000 after buying an additional 15,269 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Mind Medicine (MindMed) by 20.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 85,044 shares of the company's stock worth $592,000 after buying an additional 14,691 shares in the last quarter. 27.91% of the stock is currently owned by institutional investors.

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.