Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $26.50 Average Price Target from Analysts

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been assigned a consensus recommendation of “Buy” from the eight research firms that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $26.50.

A number of equities analysts have issued reports on the company. 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. Oppenheimer initiated coverage on Mind Medicine (MindMed) in a research report on Monday, August 4th. They issued an “outperform” rating and a $25.00 target price on the stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Commodore Capital LP lifted its position in shares of Mind Medicine (MindMed) by 10.5% in the second quarter. Commodore Capital LP now owns 5,000,000 shares of the company’s stock valued at $32,450,000 after acquiring an additional 475,000 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Mind Medicine (MindMed) by 31.9% in the second quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock valued at $22,204,000 after acquiring an additional 828,067 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Mind Medicine (MindMed) by 4.0% in the second quarter. Geode Capital Management LLC now owns 1,733,454 shares of the company’s stock valued at $11,252,000 after acquiring an additional 66,663 shares in the last quarter. AWM Investment Company Inc. lifted its position in shares of Mind Medicine (MindMed) by 0.6% in the second quarter. AWM Investment Company Inc. now owns 1,215,662 shares of the company’s stock valued at $7,890,000 after acquiring an additional 7,500 shares in the last quarter. Finally, Woodline Partners LP increased its holdings in shares of Mind Medicine (MindMed) by 0.3% in the fourth quarter. Woodline Partners LP now owns 1,005,198 shares of the company’s stock valued at $6,996,000 after purchasing an additional 2,654 shares during the last quarter. Hedge funds and other institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD stock opened at $9.95 on Wednesday. The company has a market capitalization of $757.10 million, a P/E ratio of -6.50 and a beta of 2.48. The business’s 50 day moving average is $9.52 and its two-hundred day moving average is $7.64. 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 has a 12-month low of $4.70 and a 12-month high of $11.02.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly 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). Analysts expect 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.