Mind Medicine (MindMed) (NASDAQ:MNMD) Earns Outperform Rating from Analysts at Oppenheimer

Key Points

• Oppenheimer has initiated coverage on Mind Medicine (MindMed) with an "outperform" rating and a price target of $25.00, suggesting a potential upside of 196.21% from its current price.
• Mind Medicine has a strong consensus rating of "Buy" from analysts, with an average price target of $24.71 and seven analysts recommending a buy or stronger rating.
• In recent insider trading, CEO Robert Barrow sold 26,491 shares at $6.80 each, which reflects a 3.09% decrease in his ownership of the company.

Oppenheimer began coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD - Free Report) in a research note released on Monday, Marketbeat Ratings reports. The firm issued an outperform rating and a $25.00 price objective on the stock.

A number of other research analysts have also weighed in on MNMD. Chardan Capital restated a "buy" rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Cantor Fitzgerald upgraded Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of "Buy" and an average target price of $24.71.

Mind Medicine (MindMed) Price Performance

Shares of MNMD stock traded down $0.14 during mid-day trading on Monday, hitting $9.85. The company had a trading volume of 1,184,575 shares, compared to its average volume of 1,521,967. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $10.44. The stock's 50 day moving average price is $8.02 and its 200-day moving average price is $7.19. 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 company has a market capitalization of $744.20 million, a P/E ratio of -6.44 and a beta of 2.49.

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 analysts' consensus estimates of ($0.38) by ($0.12). Equities research analysts forecast that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,848 shares of the company'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 $53,366.40. Following the sale, the insider directly owned 438,329 shares in the company, valued at $2,980,637.20. This represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 shares were 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,830 shares of company stock worth $311,644. 2.45% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Large investors have recently modified their holdings of the stock. Teacher Retirement System of Texas increased its position in Mind Medicine (MindMed) by 9.4% during the second quarter. Teacher Retirement System of Texas now owns 16,260 shares of the company's stock valued at $106,000 after acquiring an additional 1,400 shares during the last quarter. Palumbo Wealth Management LLC boosted its stake in shares of Mind Medicine (MindMed) by 6.3% during the 2nd quarter. Palumbo Wealth Management LLC now owns 24,043 shares of the company's stock worth $156,000 after purchasing an additional 1,415 shares during the period. Corebridge Financial Inc. grew its holdings in Mind Medicine (MindMed) by 4.1% during the 4th quarter. Corebridge Financial Inc. now owns 40,064 shares of the company's stock valued at $279,000 after purchasing an additional 1,569 shares during the last quarter. Creative Planning raised its position in Mind Medicine (MindMed) by 2.6% in the 2nd quarter. Creative Planning now owns 66,097 shares of the company's stock worth $429,000 after purchasing an additional 1,655 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Mind Medicine (MindMed) by 6.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,867 shares of the company's stock worth $169,000 after purchasing an additional 1,669 shares during the period. 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.