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

SVB Leerink began coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research report released on Monday morning, MarketBeat reports. The brokerage issued an outperform rating and a $20.00 target price on the stock.

A number of other analysts have also recently commented on the company. Royal Bank of Canada lifted their price target on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the stock an outperform rating in a research report on Thursday, February 29th. HC Wainwright reiterated a buy rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a research note on Thursday, March 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Mind Medicine (MindMed) currently has a consensus rating of Buy and a consensus target price of $25.20.

Mind Medicine (MindMed) Stock Performance

Shares of MNMD opened at $9.78 on Monday. The stock has a 50-day moving average of $7.67 and a two-hundred day moving average of $4.81. Mind Medicine has a one year low of $2.41 and a one year high of $12.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.22 and a current ratio of 3.22. The stock has a market cap of $687.24 million, a P/E ratio of -3.99 and a beta of 2.80.

Mind Medicine (MindMed) (NASDAQ:MNMD) last issued its quarterly 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). As a group, research analysts predict that Mind Medicine will post -1.7 EPS for the current year.

Insider Activity at Mind Medicine (MindMed)

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

Institutional Investors Weigh In On Mind Medicine (MindMed)

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

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.