Mind Medicine (MindMed) (NASDAQ:MNMD) Price Target Raised to $75.00

Mind Medicine (MindMed) (NASDAQ:MNMDGet Rating) had its price objective raised by equities researchers at HC Wainwright to $75.00 in a report released on Wednesday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the stock.

Other research analysts have also recently issued reports about the company. Oppenheimer increased their price target on Mind Medicine (MindMed) from $3.50 to $52.00 in a research report on Tuesday, August 30th. Cantor Fitzgerald began coverage on Mind Medicine (MindMed) in a report on Wednesday, August 10th. They set an “overweight” rating and a $45.00 price target on the stock.

Mind Medicine (MindMed) Stock Down 6.7 %

Mind Medicine (MindMed) stock traded down 0.42 during trading hours on Wednesday, hitting 5.85. The company had a trading volume of 8,712 shares, compared to its average volume of 446,471. Mind Medicine has a fifty-two week low of 5.80 and a fifty-two week high of 44.10. The firm’s fifty day moving average is 10.17 and its 200-day moving average is 12.14.

Mind Medicine (MindMed) (NASDAQ:MNMDGet Rating) last announced its quarterly earnings data on Thursday, August 11th. The company reported -0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of -0.75 by 0.15. On average, research analysts predict that Mind Medicine will post -2.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert Barrow sold 36,762 shares of Mind Medicine (MindMed) stock in a transaction dated Monday, June 27th. The stock was sold at an average price of 0.70, for a total value of 25,733.40. Following the sale, the chief executive officer now directly owns 3,918,857 shares of the company’s stock, valued at 2,743,199.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 140,986 shares of company stock valued at $106,770. 2.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp grew its holdings in Mind Medicine (MindMed) by 7.3% during the 1st quarter. State Street Corp now owns 6,145,503 shares of the company’s stock worth $6,822,000 after acquiring an additional 416,765 shares in the last quarter. Millennium Management LLC increased its stake in Mind Medicine (MindMed) by 1,063.1% in the second quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock valued at $3,249,000 after purchasing an additional 4,638,774 shares during the last quarter. Swiss National Bank grew its holdings in shares of Mind Medicine (MindMed) by 23.1% during the 1st quarter. Swiss National Bank now owns 951,100 shares of the company’s stock worth $1,079,000 after purchasing an additional 178,300 shares during the period. Bank of New York Mellon Corp grew its position in Mind Medicine (MindMed) by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock valued at $1,039,000 after acquiring an additional 16,746 shares in the last quarter. Finally, LPL Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) during the second quarter worth approximately $496,000. Institutional investors and hedge funds own 5.10% of the company’s stock.

About Mind Medicine (MindMed)

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Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. The company develops MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder, as well as for the treatment of chronic pain; and MM-110, an a3ß4 nicotinic cholinergic receptor antagonist that has completed phase 1 for the treatment of opioid withdrawal.

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