SVB Leerink Initiates Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

SVB Leerink assumed coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD - Free Report) in a report released on Monday, Marketbeat reports. The firm issued an outperform rating and a $20.00 price objective on the stock.

A number of other equities research analysts have also weighed in on MNMD. HC Wainwright restated 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 price target on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an outperform rating in a research report on Thursday, February 29th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Mind Medicine (MindMed) has a consensus rating of Buy and an average price target of $25.20.

Mind Medicine (MindMed) Price Performance

MNMD stock traded up $0.11 during midday trading on Monday, reaching $9.78. 1,161,754 shares of the stock were exchanged, compared to its average volume of 1,992,271. The stock has a market capitalization of $687.24 million, a PE ratio of -3.99 and a beta of 2.80. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22. The company has a fifty day moving average price of $7.55 and a 200 day moving average price of $4.77.

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 for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.11). As a group, analysts expect that Mind Medicine will post -1.7 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert Barrow sold 16,519 shares of the business's stock in a transaction dated 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 approximately $5,511,919. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Dan Karlin sold 6,578 shares of the business's stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 in the company, valued at $5,511,919. The disclosure for this sale can be found here. 2.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MNMD. Swiss National Bank raised its stake in 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 buying an additional 178,300 shares during the period. JPMorgan Chase & Co. raised its stake in Mind Medicine (MindMed) by 12.4% during the 1st quarter. JPMorgan Chase & Co. now owns 151,310 shares of the company's stock worth $168,000 after buying an additional 16,666 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Mind Medicine (MindMed) by 1.8% in the first 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 last quarter. HighTower Advisors LLC raised its stake in shares of Mind Medicine (MindMed) by 77.2% in the first quarter. HighTower Advisors LLC now owns 104,975 shares of the company's stock worth $119,000 after purchasing an additional 45,747 shares during the last quarter. Finally, Penserra Capital Management LLC raised its stake in shares of Mind Medicine (MindMed) by 98.6% in the first quarter. Penserra Capital Management LLC now owns 480,853 shares of the company's stock worth $442,000 after purchasing an additional 238,737 shares during the last quarter. 27.91% of the stock is owned by institutional investors and hedge funds.

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 for the treatment of core symptoms of autism spectrum disorder.