Mind Medicine (MindMed) (NASDAQ:MNMD) Upgraded by Lifesci Capital to "Strong-Buy" Rating

Key Points

• Mind Medicine (MindMed) has received a new "strong-buy" rating from Lifesci Capital, joining other positive ratings from firms like Chardan Capital and Needham & Company.
• The company's stock has experienced significant growth, with a current price of $12.62, up from a low of $4.70 over the past year.
• However, Mind Medicine's recent earnings report revealed a loss of ($0.50) per share, missing analysts' expectations of ($0.38).

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) was upgraded by investment analysts at Lifesci Capital to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

Several other research firms have also recently issued reports on MNMD. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Needham & Company LLC set a $28.00 target price on shares of Mind Medicine (MindMed) and gave the company a "buy" rating in a research note on Monday. Oppenheimer started coverage on shares of Mind Medicine (MindMed) in a research report on Monday, August 4th. They set an "outperform" rating and a $25.00 price target on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Mind Medicine (MindMed) has a consensus rating of "Buy" and a consensus target price of $27.83.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock opened at $12.62 on Tuesday. 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's fifty day moving average price is $10.27 and its two-hundred day moving average price is $8.20. The firm has a market capitalization of $960.26 million, a P/E ratio of -8.25 and a beta of 2.55. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $13.09.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its 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). On average, research analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Robert Barrow sold 25,797 shares of the business's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $252,036.69. Following the completion of the sale, the chief executive officer owned 804,268 shares of the company's stock, valued at $7,857,698.36. This represents a 3.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel Karlin sold 7,704 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 transaction of $75,268.08. Following the completion of the transaction, the insider directly owned 430,625 shares in the company, valued at $4,207,206.25. This represents a 1.76% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 44,779 shares of company stock valued at $437,491. Company insiders own 2.26% of the company's stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently bought and sold shares of MNMD. Commodore Capital LP grew its position in Mind Medicine (MindMed) by 10.5% in the 2nd quarter. Commodore Capital LP now owns 5,000,000 shares of the company's stock valued at $32,450,000 after buying an additional 475,000 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Mind Medicine (MindMed) by 31.9% in the 2nd quarter. Marshall Wace LLP now owns 3,421,224 shares of the company's stock worth $22,204,000 after acquiring an additional 828,067 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Mind Medicine (MindMed) by 4.0% in the second quarter. Geode Capital Management LLC now owns 1,733,454 shares of the company's stock valued at $11,252,000 after acquiring an additional 66,663 shares in the last quarter. AWM Investment Company Inc. increased its stake in shares of Mind Medicine (MindMed) by 0.6% during 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 during the period. Finally, Ally Bridge Group NY LLC raised its holdings in Mind Medicine (MindMed) by 18.1% during the first quarter. Ally Bridge Group NY LLC now owns 390,143 shares of the company's stock worth $2,282,000 after purchasing an additional 59,868 shares in the last quarter. Institutional investors and hedge funds 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.

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