Mind Medicine (MindMed) (NASDAQ:MNMD) Given Outperform Rating at Oppenheimer

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “outperform” rating reiterated by investment analysts at Oppenheimer in a note issued to investors on Tuesday,Benzinga reports. They presently have a $20.00 price target on the stock. Oppenheimer’s price target suggests a potential upside of 170.64% from the company’s current price.

Other research analysts have also recently issued reports about the stock. HC Wainwright restated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, Canaccord Genuity Group cut their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Eight analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $27.71.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock traded down $0.01 during midday trading on Tuesday, hitting $7.39. 202,038 shares of the company’s stock were exchanged, compared to its average volume of 1,425,135. The company has a market cap of $541.92 million, a P/E ratio of -3.25 and a beta of 2.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The stock has a 50-day moving average price of $6.99 and a two-hundred day moving average price of $7.01. Mind Medicine has a 52-week low of $3.27 and a 52-week high of $12.22.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, September 25th. The shares were 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 of the company’s stock, valued at $2,061,042.88. The trade was a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at $3,263,716.56. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,994 shares of company stock worth $173,384. Company insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace LLP grew its holdings in shares of Mind Medicine (MindMed) by 8.1% during the 2nd quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after acquiring an additional 161,659 shares during the period. State Street Corp increased its stake in shares of Mind Medicine (MindMed) by 0.5% in the 3rd 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 in the last quarter. Geode Capital Management LLC increased its position in Mind Medicine (MindMed) by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after buying an additional 162,933 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Mind Medicine (MindMed) by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after purchasing an additional 46,187 shares in the last quarter. Finally, Tri Locum Partners LP increased its position in shares of Mind Medicine (MindMed) by 0.6% during the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after acquiring an additional 2,459 shares in the last quarter. Institutional investors own 27.91% of the company’s stock.

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.