Brokerages Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Target Price at $26.33

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been assigned an average rating of “Buy” from the thirteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $26.33.

A number of analysts have commented on the company. Evercore ISI initiated coverage on Mind Medicine (MindMed) in a report on Tuesday, January 28th. They set an “outperform” rating and a $23.00 price objective for the company. Oppenheimer reiterated an “outperform” rating and set a $20.00 price target on shares of Mind Medicine (MindMed) in a report on Tuesday, December 17th. Leerink Partners started coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They set an “outperform” rating and a $20.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Mind Medicine (MindMed) in a research note on Friday, January 31st. Finally, Chardan Capital started coverage on shares of Mind Medicine (MindMed) in a report on Friday, December 20th. They issued a “buy” rating and a $20.00 target price for the company.

Mind Medicine (MindMed) Trading Down 1.0 %

NASDAQ:MNMD opened at $8.18 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 9.00. Mind Medicine has a one year low of $4.31 and a one year high of $12.22. The company has a market cap of $599.84 million, a PE ratio of -3.62 and a beta of 2.59. The firm has a 50-day moving average of $7.30 and a 200-day moving average of $6.90.

Insider Activity

In other news, insider Dan Karlin sold 6,643 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 338,013 shares in the company, valued at approximately $2,511,436.59. This represents a 1.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert Barrow sold 19,106 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the sale, the chief executive officer now directly owns 526,666 shares of the company’s stock, valued at approximately $3,913,128.38. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,022 shares of company stock valued at $208,203 in the last three months. Company insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC raised its holdings in Mind Medicine (MindMed) by 9.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 21,492 shares of the company’s stock valued at $150,000 after acquiring an additional 1,928 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Mind Medicine (MindMed) by 21.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock valued at $87,000 after purchasing an additional 2,230 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Mind Medicine (MindMed) by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock valued at $211,000 after purchasing an additional 2,797 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Mind Medicine (MindMed) by 22.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,226 shares of the company’s stock worth $126,000 after purchasing an additional 4,079 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Mind Medicine (MindMed) by 5.1% in the 4th quarter. Rhumbline Advisers now owns 100,695 shares of the company’s stock worth $701,000 after purchasing an additional 4,868 shares during the period. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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.