Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $25.38 Consensus Price Target from Brokerages

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been assigned an average rating of “Buy” from the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. Nine analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $25.38.

A number of research firms have recently commented on MNMD. Leerink Partnrs upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Finally, Canaccord Genuity Group decreased their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, September 16th.

Insider Transactions at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the transaction, the insider now directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. This trade represents a 1.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the transaction, the chief executive officer now owns 545,772 shares in the company, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,994 shares of company stock valued at $173,384. Corporate insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors have recently modified their holdings of the business. Marshall Wace LLP boosted its position in Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after purchasing an additional 161,659 shares in the last quarter. State Street Corp raised its holdings in shares of Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after acquiring an additional 9,782 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Mind Medicine (MindMed) by 10.8% in the third quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares during the last quarter. Blackstone Inc. acquired a new position in shares of Mind Medicine (MindMed) in the first quarter worth $11,749,000. Finally, Janus Henderson Group PLC acquired a new position in shares of Mind Medicine (MindMed) in the first quarter worth $8,964,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Stock Up 1.8 %

Shares of MNMD stock opened at $8.26 on Thursday. Mind Medicine has a twelve month low of $2.91 and a twelve month high of $12.22. The stock has a market cap of $605.71 million, a P/E ratio of -3.64 and a beta of 2.48. The stock has a 50 day moving average of $6.50 and a 200 day moving average of $7.09. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

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.