Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Average Rating of “Buy” from Brokerages

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has earned an average rating of “Buy” from the eleven analysts that are covering the firm, Marketbeat reports. Eight investment analysts have rated the stock with a buy recommendation and three have assigned 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 $27.71.

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

Insider Activity

In other news, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $118,230.58. Following the sale, the chief executive officer now directly owns 545,772 shares in the company, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now owns 344,656 shares in the company, valued at approximately $2,061,042.88. This trade represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,994 shares of company stock valued at $173,384 in the last 90 days. Company insiders own 2.26% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

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

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $7.16 on Monday. The company has a market capitalization of $525.06 million, a PE ratio of -3.17 and a beta of 2.58. Mind Medicine has a twelve month low of $2.97 and a twelve month high of $12.22. The firm has a fifty day simple moving average of $6.95 and a two-hundred day simple moving average of $7.02. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09.

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.