Oppenheimer Reiterates “Outperform” Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “outperform” rating restated by Oppenheimer in a research report issued on Tuesday,Benzinga reports. They currently have a $20.00 price target on the stock. Oppenheimer’s target price points to a potential upside of 177.01% from the company’s previous close.

Several other research analysts also recently commented on the company. Leerink Partners began coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 target price for the company. Canaccord Genuity Group lowered their price objective on shares of Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Friday, October 11th. Finally, HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Mind Medicine (MindMed) in a report on Monday, November 11th. Eight investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $27.71.

Mind Medicine (MindMed) Trading Down 3.5 %

Shares of MNMD opened at $7.22 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. Mind Medicine has a 52-week low of $3.35 and a 52-week high of $12.22. The firm has a market cap of $529.46 million, a price-to-earnings ratio of -3.19 and a beta of 2.58. The business’s fifty day moving average is $7.08 and its 200-day moving average is $7.00.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of Mind Medicine (MindMed) stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at approximately $2,061,042.88. The trade was a 1.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the completion of the sale, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at approximately $3,263,716.56. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock valued at $173,384 over the last 90 days. 2.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MNMD. Marshall Wace LLP increased its position in shares of Mind Medicine (MindMed) by 8.1% during the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after buying an additional 161,659 shares during the period. State Street Corp boosted its position in Mind Medicine (MindMed) by 0.5% during the third quarter. State Street Corp now owns 1,814,829 shares of the company’s stock valued at $10,326,000 after acquiring an additional 9,782 shares during the last quarter. Geode Capital Management LLC grew its holdings in Mind Medicine (MindMed) by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,677,702 shares of the company’s stock worth $9,548,000 after acquiring an additional 162,933 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Mind Medicine (MindMed) by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 602,544 shares of the company’s stock worth $3,428,000 after acquiring an additional 46,187 shares in the last quarter. Finally, Tri Locum Partners LP lifted its stake in shares of Mind Medicine (MindMed) by 0.6% in the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock valued at $2,755,000 after purchasing an additional 2,459 shares during the period. 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.