SVB Leerink Initiates Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

SVB Leerink initiated coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research report released on Monday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $20.00 price target on the stock.

Other equities analysts have also issued reports about the stock. HC Wainwright reaffirmed a buy rating and issued a $75.00 price target on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Royal Bank of Canada lifted their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an outperform rating in a report on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $25.20.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD opened at $8.91 on Monday. The company has a market capitalization of $626.11 million, a price-to-earnings ratio of -3.64 and a beta of 2.81. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $12.22. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average of $7.98 and a 200 day moving average of $4.92.

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

Insider Activity

In other news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the sale, the insider now directly owns 358,452 shares of the company’s stock, valued at $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Dan Karlin sold 6,578 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the sale, the insider now directly owns 358,452 shares of the company’s stock, valued at $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Barrow sold 16,519 shares of the business’s stock in a transaction 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 directly owns 580,202 shares in the company, valued at $5,511,919. The disclosure for this sale can be found here. Corporate insiders own 2.11% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its holdings in Mind Medicine (MindMed) by 60.7% in the second quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after purchasing an additional 2,824 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at $28,000. Virtu Financial LLC purchased a new stake in Mind Medicine (MindMed) in the first quarter valued at $29,000. Regal Investment Advisors LLC purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at $46,000. Finally, Commonwealth Equity Services LLC purchased a new stake in Mind Medicine (MindMed) in the third quarter valued at $53,000. 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 for the treatment of core symptoms of autism spectrum disorder.