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Mind Medicine (MindMed) (NASDAQ:MNMD) Posts Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Mind Medicine (MindMed) logo with Medical background

Key Points

  • Mind Medicine (MindMed) reported a loss of ($0.50) earnings per share for the quarter, which was below the consensus estimate of ($0.38).
  • The company's stock decreased to $8.44 after trading down $0.65, with a market capitalization of $637.64 million.
  • Analysts have a consensus rating of "Buy" on the stock, with target prices ranging from $20.00 to $24.00 by various analysts.
  • Need better tools to track Mind Medicine (MindMed)? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12), Zacks reports.

Mind Medicine (MindMed) Stock Down 0.3%

MNMD stock traded down $0.03 during trading on Wednesday, reaching $9.61. The stock had a trading volume of 337,815 shares, compared to its average volume of 1,524,387. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $10.44. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $726.19 million, a P/E ratio of -6.30 and a beta of 2.49. The firm has a fifty day moving average price of $7.91 and a 200 day moving average price of $7.15.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Oppenheimer assumed coverage on shares of Mind Medicine (MindMed) in a report on Monday. They issued an "outperform" rating and a $25.00 price target on the stock. Chardan Capital restated a "buy" rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Finally, Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Mind Medicine (MindMed) currently has an average rating of "Buy" and a consensus price target of $24.71.

Check Out Our Latest Stock Report on Mind Medicine (MindMed)

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 26,491 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total value of $180,138.80. Following the transaction, the chief executive officer owned 830,065 shares in the company, valued at $5,644,442. The trade was a 3.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark Sullivan sold 11,491 shares of the business'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 completion of the sale, the insider directly owned 305,130 shares of the company's stock, valued at $2,074,884. The trade was a 3.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,830 shares of company stock worth $311,644 in the last quarter. 2.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A hedge fund recently raised its stake in Mind Medicine (MindMed) stock. Royal Bank of Canada grew its position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 65,237 shares of the company's stock after purchasing an additional 6,148 shares during the period. Royal Bank of Canada owned approximately 0.09% of Mind Medicine (MindMed) worth $382,000 as of its most recent SEC filing. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Company Profile

(Get Free Report)

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.

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Earnings History for Mind Medicine (MindMed) (NASDAQ:MNMD)

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