Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) PT at $26.50

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have earned a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $27.8333.

Several research firms have recently weighed in on MNMD. Oppenheimer began coverage on shares of Mind Medicine (MindMed) in a report on Monday, August 4th. They issued an “outperform” rating and a $25.00 target price on the stock. Needham & Company LLC set a $28.00 price target on shares of Mind Medicine (MindMed) and gave the stock a “buy” rating in a research report on Monday. Chardan Capital reiterated a “buy” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, August 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research report on Wednesday, October 8th.

Insider Buying and Selling

In related news, insider Mark Sullivan sold 11,278 shares of the company’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $110,186.06. Following the transaction, the insider owned 293,852 shares in the company, valued at $2,870,934.04. This represents a 3.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel Karlin sold 7,704 shares of the company’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $9.77, for a total transaction of $75,268.08. Following the transaction, the insider owned 430,625 shares in the company, valued at approximately $4,207,206.25. This trade represents a 1.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,779 shares of company stock worth $437,491 in the last 90 days. Corporate insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sound Income Strategies LLC acquired a new position in Mind Medicine (MindMed) during the 3rd quarter worth about $46,000. Bay Rivers Group lifted its position in Mind Medicine (MindMed) by 20.5% during the 3rd quarter. Bay Rivers Group now owns 14,001 shares of the company’s stock valued at $165,000 after purchasing an additional 2,383 shares during the period. BNP Paribas Financial Markets lifted its position in Mind Medicine (MindMed) by 56.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,417 shares of the company’s stock valued at $55,000 after purchasing an additional 3,020 shares during the period. Bank of America Corp DE lifted its position in Mind Medicine (MindMed) by 35.1% during the 2nd quarter. Bank of America Corp DE now owns 119,214 shares of the company’s stock valued at $774,000 after purchasing an additional 30,992 shares during the period. Finally, AWM Investment Company Inc. lifted its position in Mind Medicine (MindMed) by 0.6% during the 2nd quarter. AWM Investment Company Inc. now owns 1,215,662 shares of the company’s stock valued at $7,890,000 after purchasing an additional 7,500 shares during the period. Institutional investors and hedge funds own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Up 3.0%

MNMD opened at $12.62 on Friday. The firm’s 50-day simple moving average is $10.27 and its 200-day simple moving average is $8.20. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98. Mind Medicine has a twelve month low of $4.70 and a twelve month high of $13.09. The firm has a market cap of $960.26 million, a price-to-earnings ratio of -8.25 and a beta of 2.55.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.12). Equities research analysts anticipate that Mind Medicine will post -1.35 EPS for the current fiscal year.

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.