Royal Bank Of Canada Issues Pessimistic Forecast for Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price target reduced by equities research analysts at Royal Bank Of Canada from $21.00 to $20.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would indicate a potential upside of 71.23% from the stock’s current price.

Several other brokerages have also recently weighed in on MNMD. Needham & Company LLC set a $28.00 price target on Mind Medicine (MindMed) and gave the company a “buy” rating in a research report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Oppenheimer began 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. Lifesci Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $26.71.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD traded up $0.34 during midday trading on Friday, reaching $11.68. The company had a trading volume of 1,774,565 shares, compared to its average volume of 1,585,604. The stock has a market cap of $888.73 million, a P/E ratio of -7.63 and a beta of 2.57. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 0.22. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $14.43. The company’s 50 day moving average price is $11.22 and its 200 day moving average price is $9.04.

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). As a group, sell-side analysts anticipate that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 25,797 shares of Mind Medicine (MindMed) 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 transaction, the chief executive officer directly owned 804,268 shares of the company’s stock, valued at $7,857,698.36. The trade was a 3.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel Karlin sold 7,704 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $4,207,206.25. This trade represents a 1.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 44,779 shares of company stock worth $437,491 in the last 90 days. 2.45% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cerity Partners LLC purchased a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $284,000. Black Swift Group LLC purchased a new position in shares of Mind Medicine (MindMed) in the first quarter worth approximately $63,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Mind Medicine (MindMed) by 6.1% during the 1st 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 during the period. Gruss & Co. LLC bought a new position in shares of Mind Medicine (MindMed) in the first quarter worth about $99,000. Finally, Blair William & Co. IL purchased a new position in Mind Medicine (MindMed) during the first quarter valued at approximately $73,000. 27.91% of the stock is owned by hedge funds and other institutional investors.

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.