HC Wainwright Reiterates Buy Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They currently have a $55.00 target price on the stock. HC Wainwright also issued estimates for Mind Medicine (MindMed)’s FY2029 earnings at $2.86 EPS.

A number of other equities research analysts also recently weighed in on MNMD. Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price objective for the company. Chardan Capital began coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They set a “buy” rating and a $20.00 price objective for the company. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Ten analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $25.11.

Mind Medicine (MindMed) Stock Performance

Shares of Mind Medicine (MindMed) stock opened at $6.83 on Friday. The firm has a market cap of $500.86 million, a PE ratio of -3.02 and a beta of 2.57. The firm’s 50-day simple moving average is $7.42 and its 200-day simple moving average is $6.91. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. Mind Medicine has a 1 year low of $5.03 and a 1 year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, March 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.08). During the same quarter last year, the business posted ($0.59) EPS. Equities analysts forecast that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $49,357.49. Following the completion of the transaction, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Barrow sold 19,106 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following the completion of the transaction, the chief executive officer now owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,022 shares of company stock worth $208,203. Insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors have recently made changes to their positions in the stock. Diadema Partners LP acquired a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $33,000. Hollencrest Capital Management lifted its stake in shares of Mind Medicine (MindMed) by 10,833.3% in the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock worth $50,000 after acquiring an additional 7,150 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $58,000. King Wealth Management Group acquired a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $70,000. Finally, Virtus ETF Advisers LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 4th quarter worth approximately $70,000. 27.91% of the stock is 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.