Canaccord Genuity Group Trims Mind Medicine (MindMed) (NASDAQ:MNMD) Target Price to $14.00

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price objective cut by Canaccord Genuity Group from $16.00 to $14.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on the company. Roth Mkm started coverage on Mind Medicine (MindMed) in a research note on Wednesday, July 24th. They issued a buy rating and a $36.00 price target for the company. Cantor Fitzgerald restated an overweight rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Roth Capital upgraded Mind Medicine (MindMed) to a strong-buy rating in a research note on Wednesday, July 24th. Baird R W upgraded Mind Medicine (MindMed) to a strong-buy rating in a research note on Wednesday, May 29th. Finally, HC Wainwright boosted their price target on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a buy rating in a research note on Thursday, August 29th. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Mind Medicine (MindMed) has a consensus rating of Buy and an average target price of $25.38.

Mind Medicine (MindMed) Trading Up 0.3 %

Mind Medicine (MindMed) stock opened at $6.08 on Monday. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 0.12. The business’s fifty day simple moving average is $7.09 and its two-hundred day simple moving average is $8.07. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22. The company has a market capitalization of $436.98 million, a price-to-earnings ratio of -2.07 and a beta of 2.53.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, equities analysts predict that Mind Medicine will post -1.27 earnings per share for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares in the company, valued at $4,076,000.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares in the company, valued at $4,076,000.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total value of $49,998.50. Following the completion of the sale, the insider now owns 351,527 shares of the company’s stock, valued at approximately $2,538,024.94. The disclosure for this sale can be found here. 2.26% of the stock is owned by company insiders.

Institutional Trading of Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SageView Advisory Group LLC purchased a new stake in Mind Medicine (MindMed) in the first quarter worth about $25,000. Bridgewealth Advisory Group LLC bought a new position in shares of Mind Medicine (MindMed) in the second quarter worth about $72,000. Wealth Alliance bought a new position in shares of Mind Medicine (MindMed) in the second quarter worth about $79,000. Arizona State Retirement System bought a new position in shares of Mind Medicine (MindMed) in the second quarter worth about $114,000. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Mind Medicine (MindMed) in the first quarter worth about $168,000. 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.