Weiss Ratings Reaffirms "Sell (D-)" Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

Key Points

• Weiss Ratings has reiterated a "sell (D-)" rating for Mind Medicine (MindMed) (NASDAQ:MNMD), highlighting caution among investors regarding the stock's performance.
• Despite this, other brokerages like Chardan Capital and Oppenheimer have issued a "buy" and "outperform" rating, respectively, with price targets of $20.00 and $25.00.
• The company's recent quarterly earnings report revealed an EPS of ($0.50), missing estimates and prompting analysts to project an average annual EPS of (-1.35).

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report)'s stock had its "sell (d-)" rating reiterated by equities researchers at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other brokerages have also weighed in on MNMD. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Friday, August 1st. Oppenheimer assumed 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 objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $26.50.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD opened at $12.81 on Wednesday. The company has a market cap of $974.71 million, a PE ratio of -8.37 and a beta of 2.55. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $12.94. The company has a 50-day simple moving average of $10.02 and a 200-day simple moving average of $8.03.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.12). On average, equities analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 25,797 shares of the business's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $252,036.69. Following the sale, the chief executive officer owned 804,268 shares of the company's stock, valued at $7,857,698.36. The trade was a 3.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark Sullivan sold 11,278 shares of the firm's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $110,186.06. Following the sale, the insider directly owned 293,852 shares of the company's stock, valued at approximately $2,870,934.04. The trade was a 3.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,779 shares of company stock worth $437,491. Company insiders own 2.45% of the company's stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently added to or reduced their stakes in MNMD. Cerity Partners LLC grew its stake in Mind Medicine (MindMed) by 2.4% in the 2nd quarter. Cerity Partners LLC now owns 49,650 shares of the company's stock valued at $322,000 after buying an additional 1,165 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Mind Medicine (MindMed) by 9.4% during the second quarter. Teacher Retirement System of Texas now owns 16,260 shares of the company's stock worth $106,000 after acquiring an additional 1,400 shares during the last quarter. Palumbo Wealth Management LLC increased its position in shares of Mind Medicine (MindMed) by 6.3% during the second quarter. Palumbo Wealth Management LLC now owns 24,043 shares of the company's stock worth $156,000 after buying an additional 1,415 shares during the period. Creative Planning grew its position in shares of Mind Medicine (MindMed) by 2.6% during the 2nd quarter. Creative Planning now owns 66,097 shares of the company's stock worth $429,000 after buying an additional 1,655 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Mind Medicine (MindMed) by 6.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,867 shares of the company's stock valued at $169,000 after buying an additional 1,669 shares during the period. 27.91% of the stock is currently 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.

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