HC Wainwright Reiterates “Buy” Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

HC Wainwright reaffirmed their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report released on Wednesday morning, Benzinga reports. HC Wainwright currently has a $35.00 price target on the stock.

Several other equities research analysts also recently commented on MNMD. Baird R W raised Mind Medicine (MindMed) to a strong-buy rating in a research report on Wednesday, May 29th. Cantor Fitzgerald reaffirmed an overweight rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Leerink Partnrs reissued an outperform rating on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. Robert W. Baird started coverage on Mind Medicine (MindMed) in a research note on Tuesday, May 28th. They issued an outperform rating and a $27.00 price target on the stock. Finally, SVB Leerink began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, April 15th. They set an outperform rating and a $20.00 price target for the company. Nine equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Buy and a consensus price target of $22.00.

Mind Medicine (MindMed) Trading Down 3.2 %

MNMD opened at $8.11 on Wednesday. Mind Medicine has a 1 year low of $2.41 and a 1 year high of $12.22. The firm has a 50 day moving average price of $7.89 and a 200 day moving average price of $7.59. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.91 and a quick ratio of 3.91.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.06. Analysts forecast that Mind Medicine will post -1.35 EPS for the current year.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,925 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares in the company, valued at approximately $2,538,024.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares in the company, valued at $2,538,024.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 15,659 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the sale, the chief executive officer now owns 564,543 shares in the company, valued at $4,076,000.46. The disclosure for this sale can be found here. Insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bailard Inc. acquired a new position in Mind Medicine (MindMed) during the 4th quarter worth $63,000. Mitchell Mcleod Pugh & Williams Inc. bought a new stake in shares of Mind Medicine (MindMed) during the fourth quarter valued at about $73,000. Jump Financial LLC lifted its holdings in Mind Medicine (MindMed) by 8.3% in the fourth quarter. Jump Financial LLC now owns 36,826 shares of the company’s stock worth $135,000 after purchasing an additional 2,826 shares during the period. Scotia Capital Inc. bought a new position in Mind Medicine (MindMed) in the 4th quarter valued at about $441,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Mind Medicine (MindMed) during the 1st quarter valued at about $168,000. 27.91% of the stock is owned by institutional investors.

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.