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

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.

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

Mind Medicine (MindMed) Trading Up 3.8%

MNMD stock traded up $0.32 during trading on Monday, reaching $8.76. 248,630 shares of the stock traded hands, compared to its average volume of 1,527,160. The business's 50 day moving average price is $7.82 and its 200-day moving average price is $7.12. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $10.44. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98. The firm has a market capitalization of $661.67 million, a PE ratio of -5.75 and a beta of 2.49.

Analyst Ratings Changes

Several equities analysts recently commented on MNMD shares. Chardan Capital reiterated a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday. Oppenheimer started coverage on Mind Medicine (MindMed) in a research note on Monday. They issued an "outperform" rating and a $25.00 target price for the company. Finally, Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a research note on Tuesday, May 13th. Seven research 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) has an average rating of "Buy" and an average price target of $24.71.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 26,491 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 value of $180,138.80. Following the completion of the sale, the chief executive officer owned 830,065 shares of the company's stock, valued at $5,644,442. This represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value 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. Over the last 90 days, insiders sold 45,830 shares of company stock valued at $311,644. Company insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

An institutional investor recently raised its position in Mind Medicine (MindMed) stock. Royal Bank of Canada boosted its holdings in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 10.4% in the first quarter, according to its most recent Form 13F filing with the SEC. 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 about 0.09% of Mind Medicine (MindMed) worth $382,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 27.91% of the company's stock.

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.