Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Target Price at $25.11

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received an average recommendation of “Buy” from the thirteen analysts that are currently covering the company, MarketBeat Ratings reports. Ten analysts have rated the stock with a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $25.11.

Several equities research analysts recently issued reports on the company. Evercore ISI started coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Chardan Capital began coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They issued a “buy” rating and a $20.00 price objective on the stock. Oppenheimer reiterated an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. Finally, Robert W. Baird lowered their target price on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, March 7th.

Mind Medicine (MindMed) Stock Performance

Mind Medicine (MindMed) stock opened at $6.19 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. Mind Medicine has a 1 year low of $5.03 and a 1 year high of $12.22. The business has a 50 day moving average of $7.26 and a 200-day moving average of $6.95. The company has a market capitalization of $466.53 million, a P/E ratio of -2.74 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same period in the prior year, the business earned ($0.59) earnings per share. On average, equities research analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Daniel Karlin sold 6,836 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at $3,007,232.98. The trade was a 1.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Barrow sold 21,208 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the completion of the sale, the chief executive officer now owns 856,556 shares of the company’s stock, valued at approximately $5,773,187.44. This trade represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,391 shares of company stock valued at $204,835 in the last ninety days. Company insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP lifted its position in shares of Mind Medicine (MindMed) by 9.3% in the 4th quarter. Marshall Wace LLP now owns 2,501,391 shares of the company’s stock worth $17,410,000 after purchasing an additional 213,526 shares during the period. State Street Corp lifted its holdings in Mind Medicine (MindMed) by 0.5% in the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after buying an additional 9,782 shares during the period. Geode Capital Management LLC boosted its position in Mind Medicine (MindMed) by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company’s stock valued at $11,996,000 after acquiring an additional 45,386 shares in the last quarter. AWM Investment Company Inc. grew its holdings in shares of Mind Medicine (MindMed) by 39.9% during the 4th quarter. AWM Investment Company Inc. now owns 1,193,162 shares of the company’s stock worth $8,304,000 after acquiring an additional 340,162 shares during the period. Finally, Woodline Partners LP raised its position in shares of Mind Medicine (MindMed) by 0.3% in the 4th quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock worth $6,996,000 after acquiring an additional 2,654 shares in the last quarter. 27.91% of the stock is 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.