Canaccord Genuity Group Boosts Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target to $25.00

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $16.00 to $25.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 113.68% from the stock’s current price.

A number of other analysts also recently commented on MNMD. Needham & Company LLC set a $28.00 price objective on Mind Medicine (MindMed) and gave the stock a “buy” rating in a research report on Monday, October 13th. Oppenheimer initiated 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. Royal Bank Of Canada decreased their price objective on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday. Chardan Capital restated a “buy” rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Finally, Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $26.50.

Mind Medicine (MindMed) Stock Performance

NASDAQ MNMD traded up $0.36 during trading on Friday, hitting $11.70. The company’s stock had a trading volume of 2,206,686 shares, compared to its average volume of 1,588,194. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $14.43. The company has a quick ratio of 4.98, a current ratio of 4.98 and a debt-to-equity ratio of 0.22. The firm has a market cap of $890.25 million, a P/E ratio of -7.65 and a beta of 2.57. The firm has a 50 day moving average price of $11.22 and a 200 day moving average price of $9.04.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.26). Equities research analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

In related news, insider Daniel Karlin sold 7,704 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $75,268.08. Following the completion of the transaction, the insider directly owned 430,625 shares of the company’s stock, valued at $4,207,206.25. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark Sullivan sold 11,278 shares of the firm’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 transaction of $110,186.06. Following the completion of the sale, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 44,779 shares of company stock valued at $437,491 over the last ninety days. 2.45% of the stock is owned by insiders.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors have recently bought and sold shares of the business. Cerity Partners LLC acquired a new position in shares of Mind Medicine (MindMed) in the 1st quarter valued at $284,000. Black Swift Group LLC acquired a new position in shares of Mind Medicine (MindMed) during the 1st quarter worth about $63,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Mind Medicine (MindMed) by 6.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,867 shares of the company’s stock valued at $169,000 after acquiring an additional 1,669 shares during the last quarter. Gruss & Co. LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at approximately $99,000. Finally, Blair William & Co. IL acquired a new position in Mind Medicine (MindMed) during the first quarter valued at approximately $73,000. Institutional investors and hedge funds 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.