Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Price Target at $30.33

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has received an average recommendation of “Buy” from the twelve analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and three have assigned a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $30.3333.

Several equities research analysts have recently commented on the company. Canaccord Genuity Group upped their price target on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Chardan Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, November 19th. Royal Bank Of Canada cut their price objective on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, November 7th. Lifesci Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Finally, Needham & Company LLC set a $28.00 target price on shares of Mind Medicine (MindMed) and gave the company a “buy” rating in a report on Monday, October 13th.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, insider Daniel Karlin sold 5,600 shares of the firm’s stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $13.15, for a total value of $73,640.00. Following the completion of the sale, the insider directly owned 425,025 shares of the company’s stock, valued at $5,589,078.75. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark Sullivan sold 11,276 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $13.15, for a total value of $148,279.40. Following the completion of the sale, the insider owned 282,576 shares in the company, valued at approximately $3,715,874.40. This trade represents a 3.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 42,667 shares of company stock valued at $561,071. 2.45% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. boosted 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 acquired a new stake in shares of Mind Medicine (MindMed) in the third quarter valued at about $26,000. CWM LLC lifted its stake in shares of Mind Medicine (MindMed) by 67.4% in the second quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after purchasing an additional 1,796 shares during the period. Fifth Third Bancorp boosted its holdings in Mind Medicine (MindMed) by 5,593.2% during the third quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock worth $40,000 after buying an additional 3,300 shares in the last quarter. Finally, Sound Income Strategies LLC acquired a new position in Mind Medicine (MindMed) during the third quarter worth about $46,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

Mind Medicine (MindMed) Price Performance

Shares of MNMD opened at $13.39 on Friday. 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 fifty-two week low of $4.70 and a fifty-two week high of $14.43. The firm has a 50-day simple moving average of $12.37 and a 200-day simple moving average of $10.55. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -6.56 and a beta of 2.56.

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

Mind Medicine (MindMed) Company Profile

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.