Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) had its price objective dropped by equities research analysts at Canaccord Genuity Group from $16.00 to $14.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 131.02% from the stock’s current price.
Other research analysts also recently issued reports about the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $22.00 target price on shares of Mind Medicine (MindMed) in a research note on Wednesday, June 5th. Robert W. Baird assumed coverage on shares of Mind Medicine (MindMed) in a research report on Tuesday, May 28th. They issued an “outperform” rating and a $27.00 price objective on the stock. Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, July 24th. Baird R W upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a report on Wednesday, May 29th. Finally, HC Wainwright increased their price objective on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Mind Medicine (MindMed) currently has a consensus rating of “Buy” and a consensus price target of $25.38.
Check Out Our Latest Stock Report on Mind Medicine (MindMed)
Mind Medicine (MindMed) Stock Performance
Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.18). On average, sell-side analysts anticipate that Mind Medicine will post -1.27 EPS for the current fiscal year.
Insiders Place Their Bets
In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,925 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the transaction, the insider now owns 351,527 shares in the company, valued at approximately $2,538,024.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,925 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $49,998.50. Following the completion of the transaction, the insider now owns 351,527 shares of the company’s stock, valued at $2,538,024.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert Barrow sold 15,659 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $7.22, for a total transaction of $113,057.98. Following the completion of the sale, the chief executive officer now directly owns 564,543 shares in the company, valued at $4,076,000.46. The disclosure for this sale can be found here. 2.26% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Mind Medicine (MindMed)
Institutional investors and hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC increased its holdings in shares of Mind Medicine (MindMed) by 24.1% during the second quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock valued at $256,000 after acquiring an additional 6,890 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Mind Medicine (MindMed) during the 2nd quarter valued at about $197,000. Marshall Wace LLP raised its holdings in Mind Medicine (MindMed) by 8.1% in the second quarter. Marshall Wace LLP now owns 2,160,203 shares of the company’s stock worth $15,575,000 after buying an additional 161,659 shares during the last quarter. Tri Locum Partners LP raised its holdings in Mind Medicine (MindMed) by 0.6% in the second quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after buying an additional 2,459 shares during the last quarter. Finally, Bridgewealth Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) during the second quarter valued at approximately $72,000. Institutional investors 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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.
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