Evercore ISI Begins Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

Evercore ISI began coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research report released on Tuesday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $23.00 price target on the stock.

Other analysts have also recently issued reports about the company. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Oppenheimer reaffirmed an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Leerink Partners began coverage on shares of Mind Medicine (MindMed) in a research report on Monday, October 14th. They set an “outperform” rating and a $20.00 target price on the stock. Chardan Capital assumed coverage on shares of Mind Medicine (MindMed) in a research report on Friday, December 20th. They issued a “buy” rating and a $20.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Monday, November 11th. Ten research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Mind Medicine (MindMed) presently has an average rating of “Buy” and an average price target of $26.33.

Mind Medicine (MindMed) Stock Down 2.6 %

MNMD opened at $7.13 on Tuesday. The stock’s fifty day simple moving average is $7.28 and its 200 day simple moving average is $6.94. Mind Medicine has a 1-year low of $3.82 and a 1-year high of $12.22. The stock has a market cap of $522.84 million, a PE ratio of -3.15 and a beta of 2.60. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.02. During the same quarter in the prior year, the business earned ($0.53) earnings per share. As a group, research analysts expect that Mind Medicine will post -1.35 earnings per share for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,106 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $7.43, for a total value of $141,957.58. Following the sale, the chief executive officer now directly owns 526,666 shares in the company, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dan Karlin sold 6,643 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $49,357.49. Following the transaction, the insider now owns 338,013 shares of the company’s stock, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Several hedge funds have recently modified their holdings of the company. Barclays PLC raised its position in Mind Medicine (MindMed) by 203.6% in the third quarter. Barclays PLC now owns 136,098 shares of the company’s stock valued at $775,000 after purchasing an additional 91,271 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Mind Medicine (MindMed) by 142.6% in the third quarter. Wellington Management Group LLP now owns 185,722 shares of the company’s stock valued at $1,057,000 after buying an additional 109,152 shares during the period. Geode Capital Management LLC raised its holdings in Mind Medicine (MindMed) by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock valued at $9,548,000 after buying an additional 162,933 shares during the last quarter. State Street Corp boosted its position in Mind Medicine (MindMed) by 0.5% during the 3rd quarter. State Street Corp now owns 1,814,829 shares of the company’s stock worth $10,326,000 after buying an additional 9,782 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Mind Medicine (MindMed) by 21.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock worth $87,000 after acquiring an additional 2,230 shares during the last quarter. Institutional investors and hedge funds 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.