Needham & Company LLC Initiates Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

Key Points

• Needham & Company LLC has initiated coverage on Mind Medicine (MindMed) with a "buy" rating and a price target of $28.00, implying a potential upside of 128.57% from its previous close.
• Overall, the stock has received a consensus rating of "Moderate Buy" with a price target average of $27.83, while one analyst rated it as a "Strong Buy."
• In a recent earnings report, Mind Medicine missed analysts’ estimates with reported earnings of ($0.50) per share, falling short of the expected ($0.38).

Equities research analysts at Needham & Company LLC started coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) in a report released on Monday, MarketBeat reports. The brokerage set a "buy" rating and a $28.00 price target on the stock. Needham & Company LLC's target price suggests a potential upside of 128.57% from the company's previous close.

Other equities analysts have also issued reports about the stock. Oppenheimer started 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 objective for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Finally, Chardan Capital reissued a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.83.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock opened at $12.25 on Monday. The company has a quick ratio of 4.98, a current ratio of 4.98 and a debt-to-equity ratio of 0.22. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $12.94. The company has a market cap of $932.10 million, a price-to-earnings ratio of -8.01 and a beta of 2.55. The firm's fifty day moving average is $10.21 and its 200 day moving average is $8.17.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12). Sell-side analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 25,797 shares of Mind Medicine (MindMed) stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $252,036.69. Following the transaction, the chief executive officer owned 804,268 shares in the company, valued at $7,857,698.36. The trade was a 3.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark Sullivan sold 11,278 shares of the firm's stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $110,186.06. Following the sale, the insider directly owned 293,852 shares of the company's stock, valued at $2,870,934.04. The trade was a 3.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,779 shares of company stock worth $437,491 in the last quarter. Company insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently added to or reduced their stakes in the business. Sound Income Strategies LLC purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at approximately $46,000. Bay Rivers Group grew its holdings in Mind Medicine (MindMed) by 20.5% during the third quarter. Bay Rivers Group now owns 14,001 shares of the company's stock worth $165,000 after acquiring an additional 2,383 shares during the period. BNP Paribas Financial Markets grew its holdings in Mind Medicine (MindMed) by 56.0% in the second quarter. BNP Paribas Financial Markets now owns 8,417 shares of the company's stock valued at $55,000 after purchasing an additional 3,020 shares during the last quarter. Bank of America Corp DE grew its holdings in Mind Medicine (MindMed) by 35.1% in the second quarter. Bank of America Corp DE now owns 119,214 shares of the company's stock valued at $774,000 after purchasing an additional 30,992 shares during the last quarter. Finally, AWM Investment Company Inc. lifted its position in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. AWM Investment Company Inc. now owns 1,215,662 shares of the company's stock valued at $7,890,000 after acquiring an additional 7,500 shares in the last quarter. Hedge funds and other institutional investors own 27.91% of the company's stock.

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.