Analysts Set Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Price Target at $25.50

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given an average rating of “Buy” by the eleven analysts that are covering the company, MarketBeat reports. Eight investment analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $25.50.

A number of equities analysts have commented on MNMD shares. Robert W. Baird decreased their target price on Mind Medicine (MindMed) from $27.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Chardan Capital reissued a “buy” rating and set a $20.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, May 9th. HC Wainwright reissued a “buy” rating and set a $55.00 target price on shares of Mind Medicine (MindMed) in a report on Friday, March 7th. Finally, Cantor Fitzgerald raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Tuesday, May 13th.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 21,208 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total transaction of $142,941.92. Following the transaction, the chief executive officer now directly owns 856,556 shares in the company, valued at approximately $5,773,187.44. The trade was a 2.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel Karlin sold 6,836 shares of Mind Medicine (MindMed) stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total transaction of $46,074.64. Following the transaction, the insider now owns 446,177 shares in the company, valued at approximately $3,007,232.98. The trade was a 1.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,391 shares of company stock valued at $204,835. Corporate insiders own 2.45% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Diadema Partners LP purchased a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $33,000. Hollencrest Capital Management grew its position in Mind Medicine (MindMed) by 10,833.3% during the 4th quarter. Hollencrest Capital Management now owns 7,216 shares of the company’s stock worth $50,000 after purchasing an additional 7,150 shares in the last quarter. Black Swift Group LLC purchased a new position in Mind Medicine (MindMed) during the 1st quarter worth approximately $63,000. CreativeOne Wealth LLC purchased a new position in Mind Medicine (MindMed) during the 1st quarter worth approximately $67,000. Finally, King Wealth Management Group purchased a new position in Mind Medicine (MindMed) during the 4th quarter worth approximately $70,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

Mind Medicine (MindMed) Stock Down 1.8%

NASDAQ:MNMD opened at $7.17 on Monday. The company has a market capitalization of $541.72 million, a price-to-earnings ratio of -3.17 and a beta of 2.52. Mind Medicine has a one year low of $4.70 and a one year high of $10.44. The stock has a 50-day simple moving average of $6.60 and a 200 day simple moving average of $6.93. 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 (MindMed) (NASDAQ:MNMD) last issued its earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.01. Sell-side analysts predict that Mind Medicine will post -1.35 EPS for the current fiscal year.

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.