Mind Medicine (MindMed) (NASDAQ:MNMD) Receives “Outperform” Rating from Leerink Partnrs

Leerink Partnrs restated their outperform rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note published on Monday, Zacks.com reports. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s Q1 2024 earnings at ($1.18) EPS, Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.28) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.80) EPS, FY2025 earnings at ($1.65) EPS, FY2026 earnings at ($1.65) EPS, FY2027 earnings at ($1.45) EPS and FY2028 earnings at ($0.15) EPS.

A number of other brokerages have also issued reports on MNMD. SVB Leerink started coverage on Mind Medicine (MindMed) in a research report on Monday. They set an outperform rating and a $20.00 price target for the company. Royal Bank of Canada upped their price objective on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an outperform rating in a report on Thursday, February 29th. Finally, HC Wainwright reaffirmed a buy rating and set a $75.00 target price on shares of Mind Medicine (MindMed) in a research report on Thursday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of Buy and a consensus price target of $25.20.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD traded down $0.35 during trading on Monday, reaching $9.53. The stock had a trading volume of 778,466 shares, compared to its average volume of 1,960,628. Mind Medicine has a one year low of $2.41 and a one year high of $12.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The stock has a market cap of $669.67 million, a PE ratio of -3.89 and a beta of 2.81. The firm’s 50 day moving average price is $7.79 and its two-hundred day moving average price is $4.86.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). On average, research analysts forecast that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insider Activity at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the sale, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Robert Barrow sold 16,519 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the sale, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dan Karlin sold 6,578 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the sale, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds have recently modified their holdings of the stock. State Street Corp raised its holdings in shares of Mind Medicine (MindMed) by 7.3% in the 1st quarter. State Street Corp now owns 6,145,503 shares of the company’s stock worth $6,822,000 after buying an additional 416,765 shares in the last quarter. Millennium Management LLC increased its holdings in Mind Medicine (MindMed) by 1,063.1% during the 2nd quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock valued at $3,249,000 after purchasing an additional 4,638,774 shares in the last quarter. Swiss National Bank increased its holdings in Mind Medicine (MindMed) by 23.1% during the 1st quarter. Swiss National Bank now owns 951,100 shares of the company’s stock valued at $1,079,000 after purchasing an additional 178,300 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Mind Medicine (MindMed) by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock valued at $1,039,000 after purchasing an additional 16,746 shares in the last quarter. Finally, LPL Financial LLC acquired a new stake in Mind Medicine (MindMed) during the 2nd quarter valued at $496,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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 for the treatment of core symptoms of autism spectrum disorder.