Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Rating Reaffirmed by Leerink Partnrs

Leerink Partnrs restated their outperform rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a report released on Monday morning, Zacks.com reports. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s Q1 2024 earnings at ($1.18) EPS, Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.28) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.80) EPS, FY2025 earnings at ($1.65) EPS, FY2026 earnings at ($1.65) EPS, FY2027 earnings at ($1.45) EPS and FY2028 earnings at ($0.15) EPS.

MNMD has been the topic of a number of other reports. HC Wainwright reaffirmed a buy rating and set a $75.00 price target on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. SVB Leerink began coverage on shares of Mind Medicine (MindMed) in a research note on Monday. They issued an outperform rating and a $20.00 price objective on the stock. Finally, Royal Bank of Canada increased 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Mind Medicine (MindMed) has an average rating of Buy and an average target price of $25.20.

Mind Medicine (MindMed) Stock Down 6.5 %

Shares of NASDAQ:MNMD opened at $8.91 on Monday. The firm has a 50 day simple moving average of $7.98 and a 200-day simple moving average of $4.92. Mind Medicine has a twelve month low of $2.41 and a twelve month high of $12.22. The company has a market capitalization of $626.11 million, a PE ratio of -3.64 and a beta of 2.81. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.18.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, equities analysts predict that Mind Medicine will post -1.72 EPS for the current fiscal year.

Insider Transactions at Mind Medicine (MindMed)

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada increased its stake in Mind Medicine (MindMed) by 60.7% in the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock worth $27,000 after purchasing an additional 2,824 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $28,000. Virtu Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 1st quarter valued at about $29,000. Regal Investment Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $46,000. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of Mind Medicine (MindMed) during the 3rd quarter valued at about $53,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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 for the treatment of core symptoms of autism spectrum disorder.