Mind Medicine (MindMed) Inc. Expected to Earn Q1 2024 Earnings of ($1.18) Per Share (NASDAQ:MNMD)

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) - Analysts at Leerink Partnrs issued their Q1 2024 earnings per share (EPS) estimates for Mind Medicine (MindMed) in a research report issued to clients and investors on Monday, April 15th. Leerink Partnrs analyst R. Li forecasts that the company will post earnings of ($1.18) per share for the quarter. Leerink Partnrs has a "Outperform" rating on the stock. The consensus estimate for Mind Medicine (MindMed)'s current full-year earnings is ($1.70) per share. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)'s Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.28) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.80) EPS, FY2025 earnings at ($1.65) EPS, FY2026 earnings at ($1.65) EPS, FY2027 earnings at ($1.45) EPS and FY2028 earnings at ($0.15) EPS.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.11).

A number of other equities research analysts have also weighed in on the company. Royal Bank of Canada boosted their price target on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Thursday, February 29th. HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Finally, SVB Leerink started coverage on Mind Medicine (MindMed) in a research note on Monday. They set an "outperform" rating and a $20.00 price target on the stock. Six analysts have rated the stock with a buy rating, According to MarketBeat, Mind Medicine (MindMed) currently has an average rating of "Buy" and an average price target of $25.20.

Mind Medicine (MindMed) Stock Down 3.5 %

Shares of MNMD stock traded down $0.35 during trading hours on Wednesday, reaching $9.53. 778,466 shares of the company's stock were exchanged, compared to its average volume of 1,961,560. Mind Medicine has a 1 year low of $2.41 and a 1 year high of $12.22. The stock has a market cap of $669.67 million, a PE ratio of -3.89 and a beta of 2.81. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18. The stock's fifty day moving average price is $7.89 and its two-hundred day moving average price is $4.89.

Institutional Trading of Mind Medicine (MindMed)

Large investors have recently made changes to their positions in the company. State Street Corp grew its holdings in Mind Medicine (MindMed) by 7.3% in the 1st quarter. State Street Corp now owns 6,145,503 shares of the company's stock valued at $6,822,000 after buying an additional 416,765 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Mind Medicine (MindMed) by 1,063.1% during the 2nd quarter. Millennium Management LLC now owns 5,075,110 shares of the company's stock worth $3,249,000 after purchasing an additional 4,638,774 shares during the period. Swiss National Bank grew its holdings in shares of Mind Medicine (MindMed) by 23.1% during the 1st quarter. Swiss National Bank now owns 951,100 shares of the company's stock worth $1,079,000 after purchasing an additional 178,300 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Mind Medicine (MindMed) by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company's stock worth $1,039,000 after purchasing an additional 16,746 shares during the period. Finally, LPL Financial LLC purchased a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth $496,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the business's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the completion of the transaction, the chief executive officer now directly owns 580,202 shares of the company's stock, valued at $5,511,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Dan Karlin sold 6,578 shares of the company's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the transaction, the insider now directly owns 358,452 shares of the company's stock, valued at approximately $3,405,294. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert Barrow sold 16,519 shares of the company's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares of the company's stock, valued at $5,511,919. The disclosure for this sale can be found here. Corporate insiders own 2.11% 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 for the treatment of core symptoms of autism spectrum disorder.