Mind Medicine (MindMed) (NASDAQ:MNMD) Coverage Initiated by Analysts at SVB Leerink

Equities researchers at SVB Leerink initiated coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage set an “outperform” rating and a $20.00 price target on the stock. SVB Leerink’s target price indicates a potential upside of 102.43% from the stock’s current price.

Several other research analysts have also commented on MNMD. HC Wainwright reissued a “buy” rating and issued a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Royal Bank of Canada raised their price objective on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Mind Medicine (MindMed) presently has a consensus rating of “Buy” and an average price target of $25.20.

Mind Medicine (MindMed) Trading Up 1.0 %

Shares of MNMD stock opened at $9.88 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.22 and a quick ratio of 3.22. The company has a market cap of $694.27 million, a price-to-earnings ratio of -4.03 and a beta of 2.80. The stock has a 50 day simple moving average of $7.79 and a 200-day simple moving average of $4.86. Mind Medicine has a 1-year low of $2.41 and a 1-year high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.11). On average, equities research analysts expect that Mind Medicine will post -1.7 EPS for the current fiscal year.

Insider Buying and Selling

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 16,519 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total value of $156,930.50. Following the transaction, the chief executive officer now directly owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Dan Karlin sold 6,578 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $9.50, for a total transaction of $62,491.00. Following the completion of the transaction, the insider now owns 358,452 shares in the company, valued at $3,405,294. The disclosure for this sale can be found here. Insiders own 2.11% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors and hedge funds have recently bought and sold shares of MNMD. State Street Corp boosted its holdings in Mind Medicine (MindMed) by 7.3% in 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 during the period. Millennium Management LLC boosted its holdings in Mind Medicine (MindMed) by 1,063.1% in the 2nd quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock worth $3,249,000 after acquiring an additional 4,638,774 shares during the period. Swiss National Bank boosted its holdings in Mind Medicine (MindMed) by 23.1% in the 1st quarter. Swiss National Bank now owns 951,100 shares of the company’s stock worth $1,079,000 after acquiring an additional 178,300 shares during the period. Bank of New York Mellon Corp boosted its holdings in Mind Medicine (MindMed) by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 936,388 shares of the company’s stock worth $1,039,000 after acquiring an additional 16,746 shares during the period. Finally, LPL Financial LLC purchased a new position in Mind Medicine (MindMed) in the 2nd quarter worth approximately $496,000. Institutional investors and hedge funds own 27.91% of the company’s stock.

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 for the treatment of core symptoms of autism spectrum disorder.