Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $25.50 Average PT from Analysts

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have earned an average rating of "Buy" from the eleven research firms that are covering the company, Marketbeat reports. Eight analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $25.50.

Several analysts recently weighed in on the stock. Chardan Capital reiterated a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, May 9th. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, March 7th. Robert W. Baird cut their price objective on Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. Finally, Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 6,836 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $46,074.64. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the sale, the chief executive officer now directly owns 856,556 shares of the company's stock, valued at $5,773,187.44. This trade represents 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 valued at $204,835 over the last 90 days. 2.45% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in MNMD. AWM Investment Company Inc. grew its holdings in shares of Mind Medicine (MindMed) by 39.9% during the fourth quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company's stock worth $8,304,000 after purchasing an additional 340,162 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Mind Medicine (MindMed) in the first quarter valued at approximately $1,556,000. Marshall Wace LLP increased its holdings in shares of Mind Medicine (MindMed) by 9.3% in the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after purchasing an additional 213,526 shares in the last quarter. Tang Capital Management LLC purchased a new position in Mind Medicine (MindMed) in the fourth quarter valued at about $1,392,000. Finally, Allostery Investments LP acquired a new position in Mind Medicine (MindMed) during the fourth quarter worth $905,000. Institutional investors and hedge funds own 27.91% of the company's stock.

Mind Medicine (MindMed) Trading Down 1.4%

Shares of Mind Medicine (MindMed) stock traded down $0.10 during trading hours on Monday, hitting $7.30. The company's stock had a trading volume of 855,842 shares, compared to its average volume of 1,358,530. The stock has a market cap of $551.54 million, a price-to-earnings ratio of -3.23 and a beta of 2.52. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. Mind Medicine has a twelve month low of $4.70 and a twelve month high of $10.44. The firm has a fifty day moving average of $6.52 and a 200-day moving average of $6.96.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.01. Research analysts forecast that Mind Medicine will post -1.35 EPS 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.