Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $25.38 Consensus Target Price from Analysts

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given a consensus rating of “Buy” by the twelve ratings firms that are currently covering the company, Marketbeat reports. Nine equities research analysts have rated the stock with a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $25.38.

A number of equities research analysts have recently commented on MNMD shares. HC Wainwright reaffirmed a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Canaccord Genuity Group dropped their target price on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Leerink Partners initiated coverage on shares of Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, Leerink Partnrs raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th.

Mind Medicine (MindMed) Stock Performance

Shares of Mind Medicine (MindMed) stock opened at $7.61 on Thursday. The stock’s fifty day simple moving average is $6.46 and its 200 day simple moving average is $7.10. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $558.04 million, a PE ratio of -3.37 and a beta of 2.48. Mind Medicine has a 12 month low of $2.91 and a 12 month high of $12.22.

Insider Transactions at Mind Medicine (MindMed)

In related news, insider Dan Karlin sold 6,871 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the completion of the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. This represents a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock valued at $173,384 over the last 90 days. 2.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of institutional investors have recently added to or reduced their stakes in MNMD. Bridgewealth Advisory Group LLC bought a new stake in Mind Medicine (MindMed) in the 2nd quarter valued at $72,000. Wealth Enhancement Advisory Services LLC bought a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at $58,000. Wealth Alliance acquired a new position in shares of Mind Medicine (MindMed) in the second quarter valued at about $79,000. Arizona State Retirement System acquired a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth approximately $114,000. Finally, Sanctuary Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the third quarter worth approximately $91,000. 27.91% of the stock is currently owned by institutional investors and hedge funds.

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.