Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Receives $26.33 Consensus Price Target from Analysts

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has earned a consensus recommendation of “Buy” from the thirteen ratings firms that are currently covering the stock, Marketbeat reports. Ten equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $26.33.

MNMD has been the subject of a number of research reports. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a research note on Friday, December 20th. They set a “buy” rating and a $20.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 17th. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Finally, Evercore ISI initiated coverage on Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They issued an “outperform” rating and a $23.00 price objective for the company.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,106 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total transaction of $141,957.58. Following the transaction, the chief executive officer now directly owns 526,666 shares in the company, valued at $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 available through the SEC website. Also, insider Dan Karlin sold 6,643 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $49,357.49. Following the transaction, the insider now owns 338,013 shares in the company, valued at $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,022 shares of company stock valued at $208,203. Insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MNMD. Diadema Partners LP purchased a new position in Mind Medicine (MindMed) during the 4th quarter worth $33,000. Hollencrest Capital Management increased its holdings in shares of Mind Medicine (MindMed) by 10,833.3% in the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock valued at $50,000 after acquiring an additional 7,150 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $58,000. King Wealth Management Group purchased a new position in shares of Mind Medicine (MindMed) in the 4th quarter valued at $70,000. Finally, Virtus ETF Advisers LLC purchased a new position in shares of Mind Medicine (MindMed) in the 4th quarter valued at $70,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Price Performance

Shares of NASDAQ:MNMD opened at $6.38 on Friday. The firm’s 50 day simple moving average is $7.44 and its two-hundred day simple moving average is $6.91. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. The company has a market capitalization of $467.86 million, a P/E ratio of -2.82 and a beta of 2.59. Mind Medicine has a 1-year low of $5.03 and a 1-year high of $12.22.

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.