Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Consensus Recommendation of "Buy" from Analysts

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Get Free Report) have received an average recommendation of "Buy" from the six ratings firms that are covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $24.83.

Several equities analysts have commented on the stock. HC Wainwright reiterated a "buy" rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Royal Bank of Canada upped their target price on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock traded up $0.85 during midday trading on Wednesday, reaching $10.90. 2,219,412 shares of the stock traded hands, compared to its average volume of 2,011,911. The stock has a market cap of $765.94 million, a P/E ratio of -4.45 and a beta of 2.81. The stock's fifty day moving average is $7.32 and its 200-day moving average is $4.67. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). As a group, equities research analysts anticipate that Mind Medicine will post -1.7 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Dan Karlin sold 6,578 shares of the firm's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 transaction, the insider now owns 358,452 shares of the company's stock, valued at $3,405,294. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert Barrow sold 16,519 shares of the 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 sale, the chief executive officer now owns 580,202 shares in the company, valued at $5,511,919. The disclosure for this sale can be found here. Company insiders own 2.11% of the company's stock.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in shares of Mind Medicine (MindMed) by 60.7% in the second quarter. Royal Bank of Canada now owns 7,474 shares of the company's stock worth $27,000 after purchasing an additional 2,824 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Mind Medicine (MindMed) in the 3rd quarter worth about $28,000. Regal Investment Advisors LLC purchased a new position in shares of Mind Medicine (MindMed) during the third quarter worth approximately $46,000. Commonwealth Equity Services LLC bought a new stake in shares of Mind Medicine (MindMed) during the third quarter valued at approximately $53,000. Finally, FMR LLC raised its stake in shares of Mind Medicine (MindMed) by 40.0% during the third quarter. FMR LLC now owns 17,256 shares of the company's stock valued at $54,000 after acquiring an additional 4,928 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 for the treatment of core symptoms of autism spectrum disorder.