Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $27.71 Consensus Price Target from Analysts

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been given an average rating of “Buy” by the twelve ratings firms that are presently covering the stock, Marketbeat reports. Nine investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $26.75.

A number of equities research analysts have recently weighed in on MNMD shares. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Chardan Capital started coverage on Mind Medicine (MindMed) in a report on Friday. They issued a “buy” rating and a $20.00 price objective for the company. Canaccord Genuity Group cut their target price on 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. Leerink Partners began coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $55.00 price objective on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,771 shares of the stock in a transaction on Wednesday, September 25th. The stock was 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 directly owns 545,772 shares in the company, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction 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 sale, the insider now owns 344,656 shares in the company, valued at $2,061,042.88. This represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock worth $173,384 over the last 90 days. Insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in Mind Medicine (MindMed) by 472.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 246,208 shares of the company’s stock valued at $1,775,000 after buying an additional 203,216 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Mind Medicine (MindMed) in the 2nd quarter valued at approximately $131,000. Rhumbline Advisers bought a new position in shares of Mind Medicine (MindMed) during the second quarter valued at $679,000. Arizona State Retirement System bought a new position in shares of Mind Medicine (MindMed) during the second quarter valued at $114,000. Finally, AdvisorShares Investments LLC lifted its holdings in shares of Mind Medicine (MindMed) by 13.4% during the second quarter. AdvisorShares Investments LLC now owns 124,166 shares of the company’s stock worth $878,000 after purchasing an additional 14,659 shares during the period. 27.91% of the stock is owned by institutional investors and hedge funds.

Mind Medicine (MindMed) Price Performance

Shares of Mind Medicine (MindMed) stock opened at $7.16 on Monday. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $525.06 million, a price-to-earnings ratio of -3.17 and a beta of 2.58. Mind Medicine has a twelve month low of $3.37 and a twelve month high of $12.22. The company has a 50-day simple moving average of $7.15 and a two-hundred day simple moving average of $6.99.

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.