Brokerages Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Price Target at $26.50

Shares of Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) have been given an average recommendation of “Buy” by the eleven ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, seven have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $26.50.

Several research firms have recently issued reports on MNMD. Weiss Ratings reissued a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research report on Wednesday, October 8th. Lifesci Capital raised shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Chardan Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, November 19th. Needham & Company LLC set a $28.00 price objective on Mind Medicine (MindMed) and gave the stock a “buy” rating in a research note on Monday, October 13th. Finally, Royal Bank Of Canada decreased their target price on 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.

Mind Medicine (MindMed) Price Performance

Mind Medicine (MindMed) stock opened at $12.35 on Monday. 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. The business has a fifty day moving average of $12.19 and a two-hundred day moving average of $9.86. The company has a market cap of $1.22 billion, a P/E ratio of -6.05 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data 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, analysts predict that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Daniel Karlin sold 7,704 shares of Mind Medicine (MindMed) stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $75,268.08. Following the sale, the insider owned 430,625 shares of the company’s stock, valued at $4,207,206.25. The trade was a 1.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark Sullivan sold 11,278 shares of the company’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $110,186.06. Following the completion of the transaction, the insider directly owned 293,852 shares of the company’s stock, valued at approximately $2,870,934.04. The trade was a 3.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 44,779 shares of company stock worth $437,491 over the last 90 days. Company insiders own 2.45% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. grew its stake in Mind Medicine (MindMed) by 110.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock valued at $25,000 after purchasing an additional 2,003 shares in the last quarter. BIT Capital GmbH acquired a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at approximately $26,000. CWM LLC boosted its stake in shares of Mind Medicine (MindMed) by 67.4% during the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after buying an additional 1,796 shares during the last quarter. Fifth Third Bancorp grew its position in shares of 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 bought a new stake in shares of Mind Medicine (MindMed) in the third quarter worth $46,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

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.