Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Free Report) have received an average recommendation of “Buy” from the eight brokerages that are covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $26.50.
Several equities analysts have recently weighed in on MNMD shares. Chardan Capital reiterated a “buy” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Oppenheimer initiated coverage on Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an “outperform” rating and a $25.00 target price for the company.
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Mind Medicine (MindMed) Stock Performance
Shares of MNMD stock opened at $9.71 on Wednesday. The firm’s 50 day moving average is $9.37 and its 200 day moving average is $7.54. The stock has a market capitalization of $738.83 million, a P/E ratio of -6.35 and a beta of 2.48. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $11.02. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 0.22.
Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.12). On average, sell-side analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current year.
Insider Activity at Mind Medicine (MindMed)
In other news, CEO Robert Barrow sold 26,491 shares of the business’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $180,138.80. Following the completion of the transaction, the chief executive officer directly owned 830,065 shares in the company, valued at $5,644,442. The trade was a 3.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel Karlin sold 7,848 shares of the company’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $6.80, for a total transaction of $53,366.40. Following the completion of the transaction, the insider directly owned 438,329 shares in the company, valued at approximately $2,980,637.20. The trade was a 1.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,830 shares of company stock valued at $311,644. Corporate insiders own 2.26% of the company’s stock.
Hedge Funds Weigh In On Mind Medicine (MindMed)
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MNMD. Marshall Wace LLP grew its stake in Mind Medicine (MindMed) by 31.9% in the 2nd quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock worth $22,204,000 after buying an additional 828,067 shares in the last quarter. Commodore Capital LP raised its position in shares of Mind Medicine (MindMed) by 10.5% during the 2nd quarter. Commodore Capital LP now owns 5,000,000 shares of the company’s stock valued at $32,450,000 after buying an additional 475,000 shares in the last quarter. AWM Investment Company Inc. lifted 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 last quarter. Nuveen LLC purchased a new position in Mind Medicine (MindMed) in the first quarter worth $1,556,000. Finally, Diadema Partners LP purchased a new position in Mind Medicine (MindMed) in the second quarter worth $1,029,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.
About Mind Medicine (MindMed)
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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.
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