Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives Average Recommendation of “Buy” from Analysts

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD – Get Rating) has earned an average rating of “Buy” from the nine analysts that are currently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $33.13.

MNMD has been the topic of a number of research analyst reports. Roth Capital restated a “buy” rating and set a $25.00 price objective on shares of Mind Medicine (MindMed) in a research report on Friday, December 9th. UBS Group initiated coverage on shares of Mind Medicine (MindMed) in a research report on Thursday, December 15th. They set a “buy” rating and a $21.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research report on Thursday, January 19th. Maxim Group lowered their price objective on shares of Mind Medicine (MindMed) from $22.50 to $8.00 in a research report on Monday, November 14th. Finally, Canaccord Genuity Group lowered their price objective on shares of Mind Medicine (MindMed) from $22.00 to $18.00 in a research report on Monday, November 21st.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ MNMD opened at $3.46 on Monday. The firm’s 50 day moving average price is $2.87 and its 200-day moving average price is $5.38. The company has a market cap of $129.99 million, a PE ratio of -1.47 and a beta of 2.16. Mind Medicine has a 52-week low of $2.12 and a 52-week high of $22.20.

Mind Medicine (MindMed) (NASDAQ:MNMD – Get Rating) last issued its earnings results on Thursday, November 10th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.02. On average, analysts forecast that Mind Medicine will post -2.33 earnings per share for the current fiscal year.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Exchange Traded Concepts LLC increased its stake in shares of Mind Medicine (MindMed) by 235.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 14,955 shares of the company’s stock worth $33,000 after purchasing an additional 10,492 shares in the last quarter. Telemetry Investments L.L.C. purchased a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $369,000. Empery Asset Management LP purchased a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $656,000. LMR Partners LLP purchased a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $36,000. Finally, Virtu Financial LLC purchased a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $126,000. 20.44% of the stock is owned by hedge funds and other institutional investors.

About Mind Medicine (MindMed)

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Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. The company develops MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder, as well as for the treatment of chronic pain; and MM-110, an a3ß4 nicotinic cholinergic receptor antagonist that has completed phase 1 for the treatment of opioid withdrawal.