Royal Bank Of Canada Cuts Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target to $20.00

Mind Medicine (MindMed) (NASDAQ:MNMD) had its target price decreased by Royal Bank Of Canada from $21.00 to $20.00 in a report released on Friday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Several other research analysts also recently commented on MNMD. Chardan Capital reiterated a “buy” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Needham & Company LLC set a $28.00 price objective on Mind Medicine (MindMed) and gave the company a “buy” rating in a research report on Monday, October 13th. Lifesci Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Finally, Oppenheimer assumed coverage on shares of Mind Medicine (MindMed) in a research note on Monday, August 4th. They issued an “outperform” rating and a $25.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $26.50.

Mind Medicine (MindMed) Price Performance

NASDAQ:MNMD traded up $0.05 during mid-day trading on Friday, reaching $11.75. The stock had a trading volume of 1,819,213 shares, compared to its average volume of 1,589,278. The stock has a market capitalization of $894.06 million, a P/E ratio of -5.76 and a beta of 2.57. The firm has a 50 day moving average price of $11.27 and a two-hundred day moving average price of $9.12. The company has a debt-to-equity ratio of 0.31, a quick ratio of 3.30 and a current ratio of 3.30. Mind Medicine has a one year low of $4.70 and a one year high of $14.43.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its 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). As a group, analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Daniel Karlin sold 7,704 shares of the 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 $75,268.08. Following the completion of the transaction, the insider owned 430,625 shares of the company’s stock, valued at approximately $4,207,206.25. This represents a 1.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Barrow sold 25,797 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 $252,036.69. Following the completion of the sale, the chief executive officer directly owned 804,268 shares in the company, valued at $7,857,698.36. This represents a 3.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 44,779 shares of company stock valued at $437,491 over the last three months. Corporate insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its position in Mind Medicine (MindMed) by 110.4% during the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock valued at $25,000 after buying an additional 2,003 shares during the period. BIT Capital GmbH purchased a new stake in Mind Medicine (MindMed) during the third quarter valued at $26,000. CWM LLC lifted its holdings in shares of Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after acquiring an additional 1,796 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Mind Medicine (MindMed) by 5,593.2% in the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after purchasing an additional 3,300 shares during the period. Finally, Sound Income Strategies LLC bought a new position in Mind Medicine (MindMed) during the third quarter valued at $46,000. 27.91% of the stock is currently owned by institutional investors.

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.