Canaccord Genuity Group Forecasts Strong Price Appreciation for Mind Medicine (MindMed) (NASDAQ:MNMD) Stock

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price target hoisted by stock analysts at Canaccord Genuity Group from $16.00 to $25.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 113.68% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC set a $28.00 price objective on shares of Mind Medicine (MindMed) and gave the stock a “buy” rating in a research note on Monday, October 13th. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research report on Wednesday, October 8th. Oppenheimer assumed coverage on Mind Medicine (MindMed) in a research note on Monday, August 4th. They set an “outperform” rating and a $25.00 price objective for the company. Finally, Royal Bank Of Canada cut their target price on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $26.50.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD opened at $11.70 on Friday. The stock has a market capitalization of $890.25 million, a PE ratio of -5.74 and a beta of 2.57. The business’s fifty day moving average price is $11.27 and its 200 day moving average price is $9.10. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.98 and a quick ratio of 4.98. Mind Medicine has a 12-month low of $4.70 and a 12-month high of $14.43.

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

Insider Buying and Selling

In related news, CEO Robert Barrow sold 25,797 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $9.77, for a total value of $252,036.69. Following the sale, the chief executive officer directly owned 804,268 shares in the company, valued at $7,857,698.36. This trade represents a 3.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel Karlin sold 7,704 shares of Mind Medicine (MindMed) stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $75,268.08. Following the sale, the insider directly owned 430,625 shares in the company, valued at $4,207,206.25. The trade was a 1.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 44,779 shares of company stock valued at $437,491 in the last three months. 2.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently bought and sold shares of MNMD. Cerity Partners LLC bought a new position in Mind Medicine (MindMed) in the 1st quarter valued at about $284,000. Black Swift Group LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $63,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Mind Medicine (MindMed) by 6.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,867 shares of the company’s stock valued at $169,000 after acquiring an additional 1,669 shares in the last quarter. Gruss & Co. LLC acquired a new position in shares of Mind Medicine (MindMed) during the first quarter valued at approximately $99,000. Finally, Blair William & Co. IL acquired a new position in shares of Mind Medicine (MindMed) during the first quarter valued at approximately $73,000. Institutional investors and hedge funds 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.