Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Target Price at $26.50

Key Points

• Mind Medicine (MindMed) Inc. has received an average recommendation of "Buy" from eight brokerage firms, with a one-year price target of $26.50.
• Insider transactions have increased, with CEO Robert Barrow selling 26,491 shares at $6.80 per share, indicating a 3.09% decrease in his ownership.
• The company misses earnings expectations, reporting ($0.50) earnings per share, which is $0.12 lower than analyst predictions.

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have earned a consensus rating of "Buy" from the eight research firms that are presently covering the company, MarketBeat.com reports. Six 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 brokers that have issued a report on the stock in the last year is $26.50.

A number of brokerages recently weighed in on MNMD. Chardan Capital reissued a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Oppenheimer began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, August 4th. They issued an "outperform" rating and a $25.00 price target for the company.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 26,491 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $180,138.80. Following the transaction, the chief executive officer directly owned 830,065 shares in the company, valued at approximately $5,644,442. This represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark Sullivan sold 11,491 shares of the company's stock in a transaction dated 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 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. Insiders have sold a total of 45,830 shares of company stock worth $311,644 over the last ninety days. 2.45% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Mind Medicine (MindMed) by 32.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,550 shares of the company's stock valued at $94,000 after purchasing an additional 3,350 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Mind Medicine (MindMed) by 52.7% in the fourth quarter. Deutsche Bank AG now owns 71,595 shares of the company's stock valued at $498,000 after purchasing an additional 24,716 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Mind Medicine (MindMed) by 20.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 85,044 shares of the company's stock valued at $592,000 after purchasing an additional 14,691 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Mind Medicine (MindMed) by 7.7% in the first quarter. Rhumbline Advisers now owns 108,457 shares of the company's stock valued at $634,000 after purchasing an additional 7,762 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Mind Medicine (MindMed) in the fourth quarter valued at about $88,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Stock Down 4.6%

Shares of Mind Medicine (MindMed) stock traded down $0.44 during trading on Wednesday, hitting $9.04. 1,964,772 shares of the stock were exchanged, compared to its average volume of 1,142,782. The stock has a market cap of $687.85 million, a price-to-earnings ratio of -5.91 and a beta of 2.48. The firm's 50-day moving average price is $9.45 and its 200 day moving average price is $7.59. Mind Medicine has a 12-month low of $4.70 and a 12-month high of $11.02. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98.

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). As a group, analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

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.