Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Rating Reaffirmed by Leerink Partnrs

Leerink Partnrs restated their outperform rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report issued on Monday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s Q1 2024 earnings at ($1.18) EPS, Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.28) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.80) EPS, FY2025 earnings at ($1.65) EPS, FY2026 earnings at ($1.65) EPS, FY2027 earnings at ($1.45) EPS and FY2028 earnings at ($0.15) EPS.

A number of other research firms have also recently weighed in on MNMD. SVB Leerink assumed coverage on Mind Medicine (MindMed) in a research report on Monday. They issued an outperform rating and a $20.00 price objective for the company. HC Wainwright restated a buy rating and issued a $75.00 target price on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Finally, Royal Bank of Canada raised their target price on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an outperform rating in a research note on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $25.20.

Mind Medicine (MindMed) Trading Down 6.5 %

Shares of NASDAQ MNMD opened at $8.91 on Monday. Mind Medicine has a fifty-two week low of $2.41 and a fifty-two week high of $12.22. The company has a market cap of $626.11 million, a price-to-earnings ratio of -3.64 and a beta of 2.81. The business’s 50 day moving average price is $7.98 and its 200-day moving average price is $4.92. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, sell-side analysts expect that Mind Medicine will post -1.72 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the sale, the chief executive officer now owns 580,202 shares of the company’s stock, valued at approximately $5,511,919. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Robert Barrow sold 16,519 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $156,930.50. Following the sale, the chief executive officer now owns 580,202 shares of the company’s stock, valued at approximately $5,511,919. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now directly owns 358,452 shares in the company, valued at approximately $3,405,294. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by insiders.

Institutional Trading of Mind Medicine (MindMed)

A number of large investors have recently modified their holdings of MNMD. Millennium Management LLC boosted its stake in Mind Medicine (MindMed) by 1,063.1% in the second quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock valued at $3,249,000 after acquiring an additional 4,638,774 shares in the last quarter. LPL Financial LLC purchased a new position in Mind Medicine (MindMed) in the second quarter valued at about $496,000. Cubist Systematic Strategies LLC purchased a new position in Mind Medicine (MindMed) in the second quarter valued at about $328,000. State Street Corp increased its stake in shares of Mind Medicine (MindMed) by 7.3% during the 1st quarter. State Street Corp now owns 6,145,503 shares of the company’s stock worth $6,822,000 after purchasing an additional 416,765 shares in the last quarter. Finally, Geode Capital Management LLC purchased a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth approximately $619,000. Hedge funds and other institutional investors 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 for the treatment of core symptoms of autism spectrum disorder.