Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $25.38 Average Price Target from Brokerages

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) has received an average recommendation of "Buy" from the twelve analysts that are covering the firm, MarketBeat reports. Nine analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $25.38.

Several research analysts recently weighed in on MNMD shares. Canaccord Genuity Group cut their price target on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Monday, September 16th. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Roth Capital upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a report on Wednesday, July 24th. Leerink Partnrs upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Friday, October 11th. Finally, Leerink Partners started coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an "outperform" rating and a $20.00 target price on the stock.

Insider Activity

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the firm's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the sale, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. This trade represents a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the business's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the sale, the chief executive officer now owns 545,772 shares of the company's stock, valued at $3,263,716.56. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock worth $173,384 over the last ninety days. Company insiders own 2.26% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Tri Locum Partners LP boosted its position in Mind Medicine (MindMed) by 0.6% during the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company's stock valued at $2,755,000 after buying an additional 2,459 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Mind Medicine (MindMed) by 22.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company's stock worth $126,000 after purchasing an additional 4,079 shares during the period. Cubist Systematic Strategies LLC grew its stake in shares of Mind Medicine (MindMed) by 24.1% in the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company's stock worth $256,000 after purchasing an additional 6,890 shares during the last quarter. State Street Corp increased its holdings in Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company's stock valued at $10,326,000 after purchasing an additional 9,782 shares during the period. Finally, Bridgewealth Advisory Group LLC bought a new position in Mind Medicine (MindMed) during the 2nd quarter valued at approximately $72,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Stock Down 6.5 %

Mind Medicine (MindMed) stock traded down $0.49 during trading on Thursday, hitting $7.03. 917,460 shares of the company were exchanged, compared to its average volume of 1,452,070. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The business's 50 day moving average is $6.40 and its 200 day moving average is $7.16. Mind Medicine has a 52 week low of $2.69 and a 52 week high of $12.22. The company has a market capitalization of $515.51 million, a P/E ratio of -3.11 and a beta of 2.48.

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.