Mind Medicine (MindMed) (NASDAQ:MNMD) Upgraded at Chardan Capital

Mind Medicine (MindMed) (NASDAQ:MNMD) was upgraded by analysts at Chardan Capital to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other research analysts also recently issued reports on MNMD. Royal Bank Of Canada dropped their price objective on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, November 7th. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Oppenheimer assumed coverage on Mind Medicine (MindMed) in a research report on Monday, August 4th. They issued an “outperform” rating and a $25.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Finally, Needham & Company LLC set a $28.00 target price on Mind Medicine (MindMed) and gave the company a “buy” rating in a research note on Monday, October 13th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $26.50.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ:MNMD opened at $10.88 on Wednesday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -5.33 and a beta of 2.57. The business has a 50 day moving average price of $11.68 and a 200 day moving average price of $9.41. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.31. Mind Medicine has a twelve month low of $4.70 and a twelve month high of $14.43.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.26). Research analysts predict that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Activity

In other Mind Medicine (MindMed) news, insider Mark Sullivan sold 11,278 shares of the company’s stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $110,186.06. Following the sale, the insider directly owned 293,852 shares in the company, valued at $2,870,934.04. This represents a 3.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Daniel Karlin sold 7,704 shares of the stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $75,268.08. Following the transaction, the insider owned 430,625 shares of the company’s stock, valued at $4,207,206.25. This represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 44,779 shares of company stock worth $437,491. Company insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. increased its position in shares of Mind Medicine (MindMed) by 110.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock worth $25,000 after purchasing an additional 2,003 shares in the last quarter. BIT Capital GmbH bought a new stake in Mind Medicine (MindMed) during the third quarter worth about $26,000. CWM LLC increased its holdings in shares of Mind Medicine (MindMed) by 67.4% during the second quarter. CWM LLC now owns 4,459 shares of the company’s stock worth $29,000 after buying an additional 1,796 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Mind Medicine (MindMed) by 5,593.2% in the third quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock valued at $40,000 after acquiring an additional 3,300 shares during the last quarter. Finally, Sound Income Strategies LLC acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter worth approximately $46,000. 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.