Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Target Price at $27.83

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been assigned an average recommendation of “Buy” from the eleven ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, eight have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $26.50.

Several brokerages have issued reports on MNMD. Canaccord Genuity Group boosted their price target on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the company a “buy” rating in a research note on Friday. Oppenheimer began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, August 4th. They set an “outperform” rating and a $25.00 target price on the stock. Lifesci Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their price objective on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Daniel Karlin sold 7,704 shares of the stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $75,268.08. Following the transaction, the insider owned 430,625 shares in the company, valued at approximately $4,207,206.25. This represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark Sullivan sold 11,278 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $110,186.06. Following the sale, the insider owned 293,852 shares of the company’s stock, valued at approximately $2,870,934.04. This represents a 3.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 44,779 shares of company stock worth $437,491. Corporate insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. increased its holdings in Mind Medicine (MindMed) by 110.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock worth $25,000 after purchasing an additional 2,003 shares in the last quarter. CWM LLC boosted its position in shares of Mind Medicine (MindMed) by 67.4% during the second quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after buying an additional 1,796 shares during the last quarter. Fifth Third Bancorp grew its holdings in Mind Medicine (MindMed) by 5,593.2% during the third quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after buying an additional 3,300 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at $46,000. Finally, BNP Paribas Financial Markets lifted its stake in Mind Medicine (MindMed) by 56.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,417 shares of the company’s stock valued at $55,000 after acquiring an additional 3,020 shares in the last quarter. 27.91% of the stock is owned by institutional investors.

Mind Medicine (MindMed) Stock Performance

Shares of Mind Medicine (MindMed) stock opened at $11.70 on Thursday. The business has a 50-day moving average price of $11.27 and a two-hundred day moving average price of $9.10. Mind Medicine has a 1-year low of $4.70 and a 1-year high of $14.43. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 0.22. The company has a market cap of $890.25 million, a P/E ratio of -5.74 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). As a group, analysts anticipate that Mind Medicine will post -1.35 EPS for the current year.

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.