Royal Bank Of Canada Has Lowered Expectations for Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Price

Mind Medicine (MindMed) (NASDAQ:MNMD) had its price objective decreased by equities research analysts at Royal Bank Of Canada from $21.00 to $20.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 70.94% from the stock’s previous close.

A number of other brokerages have also commented on MNMD. Chardan Capital restated a “buy” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a report on Friday, August 1st. Needham & Company LLC set a $28.00 price target on Mind Medicine (MindMed) and gave the company a “buy” rating in a research note on Monday, October 13th. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, October 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Finally, Oppenheimer started coverage on Mind Medicine (MindMed) in a research report on Monday, August 4th. They issued an “outperform” rating and a $25.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $26.50.

Mind Medicine (MindMed) Price Performance

Shares of MNMD opened at $11.70 on Friday. The stock has a 50 day simple moving average of $11.27 and a 200 day simple moving average of $9.10. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $14.43. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.98 and a current ratio of 4.98. The firm has a market capitalization of $890.25 million, a PE ratio of -5.74 and a beta of 2.57.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.78) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). Sell-side analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 25,797 shares of Mind Medicine (MindMed) stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total value of $252,036.69. Following the completion of the transaction, the chief executive officer owned 804,268 shares of the company’s stock, valued at $7,857,698.36. This trade represents a 3.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark Sullivan sold 11,278 shares of the company’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $9.77, for a total transaction of $110,186.06. Following the completion of the sale, the insider directly owned 293,852 shares in the company, valued at approximately $2,870,934.04. The trade was a 3.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 44,779 shares of company stock worth $437,491 over the last quarter. 2.45% of the stock is currently owned by insiders.

Institutional Trading of Mind Medicine (MindMed)

A number of hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. boosted its stake in shares of Mind Medicine (MindMed) by 110.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock worth $25,000 after acquiring an additional 2,003 shares during the period. CWM LLC raised its stake in Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after acquiring an additional 1,796 shares during the period. Fifth Third Bancorp lifted its holdings in Mind Medicine (MindMed) by 5,593.2% during the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock valued at $40,000 after purchasing an additional 3,300 shares during the last quarter. Sound Income Strategies LLC bought a new position in Mind Medicine (MindMed) during the third quarter worth $46,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Mind Medicine (MindMed) by 56.0% in the second quarter. BNP Paribas Financial Markets now owns 8,417 shares of the company’s stock valued at $55,000 after purchasing an additional 3,020 shares during the last quarter. 27.91% of the stock is owned by institutional investors and hedge funds.

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.