Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Average Recommendation of "Buy" from Analysts

Key Points

• Mind Medicine (MindMed) Inc. has an **average rating of "Buy"** from nine brokerages, with seven analysts rating it a buy and two a strong buy, indicating positive sentiment towards the stock.
• The company's stock is currently trading at around **$10.19**, significantly above its 1-year low of $4.70, with a market capitalization of approximately **$775.36 million**.
• Insider selling has occurred recently, with CEO **Robert Barrow selling 26,491 shares**, representing a **3.09% decrease** in his ownership, while overall, insiders sold **45,830 shares** in the last 90 days.

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have been given a consensus rating of "Buy" by the nine brokerages that are covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $24.7143.

Several brokerages have commented on MNMD. Oppenheimer started coverage on shares of Mind Medicine (MindMed) in a report on Monday, August 4th. They set an "outperform" rating and a $25.00 target price on the stock. Cantor Fitzgerald raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,848 shares of the business's 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 $53,366.40. Following the sale, the insider owned 438,329 shares in the company, valued at approximately $2,980,637.20. The trade was a 1.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark Sullivan sold 11,491 shares of the firm's 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 $78,138.80. Following the transaction, the insider directly owned 305,130 shares of the company's stock, valued at $2,074,884. This represents a 3.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,830 shares of company stock valued at $311,644 over the last three months. Company insiders own 2.26% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors have recently made changes to their positions in the business. Cerity Partners LLC grew its position in Mind Medicine (MindMed) by 2.4% in the second quarter. Cerity Partners LLC now owns 49,650 shares of the company's stock valued at $322,000 after purchasing an additional 1,165 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Mind Medicine (MindMed) by 9.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 16,260 shares of the company's stock worth $106,000 after buying an additional 1,400 shares during the last quarter. Palumbo Wealth Management LLC grew its holdings in shares of Mind Medicine (MindMed) by 6.3% in the 2nd quarter. Palumbo Wealth Management LLC now owns 24,043 shares of the company's stock valued at $156,000 after acquiring an additional 1,415 shares in the last quarter. Creative Planning increased its position in shares of Mind Medicine (MindMed) by 2.6% in the second quarter. Creative Planning now owns 66,097 shares of the company's stock valued at $429,000 after acquiring an additional 1,655 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Mind Medicine (MindMed) by 6.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,867 shares of the company's stock valued at $169,000 after acquiring an additional 1,669 shares during the last quarter. Institutional investors own 27.91% of the company's stock.

Mind Medicine (MindMed) Trading Down 3.3%

MNMD stock traded down $0.34 during midday trading on Friday, hitting $9.85. 2,430,988 shares of the company's stock were exchanged, compared to its average volume of 1,121,459. The stock's fifty day moving average price is $8.52 and its 200-day moving average price is $7.36. 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 has a one year low of $4.70 and a one year high of $11.02.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings results 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). Research analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal 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.