Mind Medicine (MindMed)’s (MNMD) Outperform Rating Reaffirmed at Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note published on Tuesday,Benzinga reports. Oppenheimer currently has a $20.00 target price on the stock.

MNMD has been the topic of a number of other research reports. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Canaccord Genuity Group lowered their price objective 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. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Finally, Leerink Partners initiated coverage on 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. Eight investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Mind Medicine (MindMed) currently has an average rating of “Buy” and a consensus target price of $27.71.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock opened at $7.48 on Tuesday. The stock has a market capitalization of $548.52 million, a P/E ratio of -3.31 and a beta of 2.58. Mind Medicine has a 12-month low of $3.27 and a 12-month high of $12.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The firm’s 50-day moving average is $7.04 and its two-hundred day moving average is $7.00.

Insider Activity

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $118,230.58. Following the transaction, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This trade represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dan Karlin sold 6,871 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value 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 represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,994 shares of company stock valued at $173,384 in the last three months. Corporate insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new stake in Mind Medicine (MindMed) in the third quarter valued at approximately $91,000. Barclays PLC grew its holdings in Mind Medicine (MindMed) by 203.6% during the 3rd quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares in the last quarter. Geode Capital Management LLC increased its stake in Mind Medicine (MindMed) by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after buying an additional 162,933 shares during the period. XTX Topco Ltd acquired a new position in Mind Medicine (MindMed) in the 3rd quarter worth $337,000. Finally, Wellington Management Group LLP boosted its position in Mind Medicine (MindMed) by 142.6% in the 3rd quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after buying an additional 109,152 shares during the last quarter. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.