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

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have received an average recommendation of "Buy" from the thirteen ratings firms that are covering the firm, Marketbeat Ratings reports. Nine analysts have rated the stock with a buy rating and four have given a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $25.11.

Several research analysts have commented on MNMD shares. Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. HC Wainwright reissued a "buy" rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Chardan Capital reissued a "buy" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, May 9th. Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an "outperform" rating and a $23.00 price objective on the stock. Finally, Robert W. Baird reduced their price objective on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the company's 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 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 21,208 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $142,941.92. Following the sale, the chief executive officer now directly owns 856,556 shares in the company, valued at $5,773,187.44. This trade represents a 2.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,391 shares of company stock valued at $204,835. 2.45% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently made changes to their positions in MNMD. Diadema Partners LP acquired a new position in shares of Mind Medicine (MindMed) during the fourth quarter valued at about $33,000. Hollencrest Capital Management raised its holdings in shares of Mind Medicine (MindMed) by 10,833.3% during the fourth quarter. Hollencrest Capital Management now owns 7,216 shares of the company's stock valued at $50,000 after purchasing an additional 7,150 shares during the period. Black Swift Group LLC acquired a new position in shares of Mind Medicine (MindMed) during the first quarter valued at about $63,000. CreativeOne Wealth LLC acquired a new position in shares of Mind Medicine (MindMed) during the first quarter valued at about $67,000. Finally, King Wealth Management Group acquired a new position in shares of Mind Medicine (MindMed) during the fourth quarter valued at about $70,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Mind Medicine (MindMed) Price Performance

MNMD stock traded up $0.59 during midday trading on Thursday, reaching $7.60. The company had a trading volume of 4,063,933 shares, compared to its average volume of 1,390,038. The stock has a 50 day moving average price of $6.16 and a 200-day moving average price of $6.97. The company has a market capitalization of $572.80 million, a price-to-earnings ratio of -3.36 and a beta of 2.52. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. 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 announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.01. Equities research analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

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.