Robert W. Baird Issues Pessimistic Forecast for Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price

Mind Medicine (MindMed) (NASDAQ:MNMD) had its target price decreased by stock analysts at Robert W. Baird from $27.00 to $16.00 in a report released on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 134.26% from the stock’s previous close.

MNMD has been the topic of a number of other reports. Oppenheimer restated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday. Evercore ISI started coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective on the stock. Finally, Chardan Capital started 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. Ten investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $25.11.

Mind Medicine (MindMed) Stock Up 3.3 %

NASDAQ:MNMD opened at $6.83 on Friday. The company has a quick ratio of 9.00, a current ratio of 9.00 and a debt-to-equity ratio of 0.09. The stock’s fifty day moving average is $7.42 and its two-hundred day moving average is $6.91. Mind Medicine has a 52 week low of $5.03 and a 52 week high of $12.22. The stock has a market capitalization of $500.86 million, a price-to-earnings ratio of -3.02 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results 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 posted ($0.59) earnings per share. Research analysts anticipate that Mind Medicine will post -1.35 EPS for the current year.

Insider Activity at Mind Medicine (MindMed)

In related news, CEO Robert Barrow sold 19,106 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the transaction, the chief executive officer now owns 526,666 shares of the company’s stock, valued at $3,913,128.38. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction on 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 directly owns 338,013 shares in the company, valued at $2,511,436.59. This trade represents a 1.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,022 shares of company stock valued at $208,203 over the last quarter. 2.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Hedge funds have recently made changes to their positions in the company. Diadema Partners LP purchased a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth about $33,000. Hollencrest Capital Management grew its holdings in shares of Mind Medicine (MindMed) by 10,833.3% during the fourth quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock worth $50,000 after purchasing an additional 7,150 shares during the last quarter. King Wealth Management Group purchased a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth about $70,000. Virtus ETF Advisers LLC purchased a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth about $70,000. Finally, Sharpepoint LLC purchased a new position in shares of Mind Medicine (MindMed) during the fourth quarter worth about $71,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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.