Jones Trading Initiates Coverage on Mind Medicine (MindMed) (NASDAQ:MNMD)

Research analysts at Jones Trading began coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a note issued to investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $61.00 price target on the stock. Jones Trading’s price target would indicate a potential upside of 354.21% from the stock’s previous close.

A number of other analysts have also recently weighed in on MNMD. Weiss Ratings restated a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a research note on Wednesday, October 8th. Royal Bank Of Canada lowered their price objective on Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, November 7th. Chardan Capital raised Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, November 19th. Lifesci Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Tuesday, October 14th. Finally, Canaccord Genuity Group upped their price target on Mind Medicine (MindMed) from $16.00 to $25.00 and gave the company a “buy” rating in a report on Friday, November 7th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $30.33.

Mind Medicine (MindMed) Stock Down 4.2%

Shares of Mind Medicine (MindMed) stock opened at $13.43 on Tuesday. The company has a quick ratio of 3.30, a current ratio of 3.30 and a debt-to-equity ratio of 0.31. Mind Medicine has a 52-week low of $4.70 and a 52-week high of $14.43. The company has a market capitalization of $1.32 billion, a P/E ratio of -6.58 and a beta of 2.57. The company has a 50 day moving average of $12.31 and a 200 day moving average of $10.33.

Mind Medicine (MindMed) (NASDAQ:MNMD) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.26). As a group, research analysts forecast that Mind Medicine will post -1.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MNMD. Russell Investments Group Ltd. increased its position in Mind Medicine (MindMed) by 110.4% during the second quarter. Russell Investments Group Ltd. now owns 3,817 shares of the company’s stock worth $25,000 after buying an additional 2,003 shares during the period. BIT Capital GmbH purchased a new position in shares of Mind Medicine (MindMed) during the third quarter worth approximately $26,000. CWM LLC increased its holdings in shares of Mind Medicine (MindMed) by 67.4% in the 2nd quarter. CWM LLC now owns 4,459 shares of the company’s stock valued at $29,000 after acquiring an additional 1,796 shares during the period. Fifth Third Bancorp raised its position in Mind Medicine (MindMed) by 5,593.2% in the 3rd quarter. Fifth Third Bancorp now owns 3,359 shares of the company’s stock valued at $40,000 after purchasing an additional 3,300 shares during the last quarter. Finally, Sound Income Strategies LLC purchased a new stake in Mind Medicine (MindMed) in the 3rd quarter valued at $46,000. Hedge funds and other institutional investors own 27.91% of the company’s stock.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) is a clinical-stage biopharmaceutical company focused on developing psychedelic-inspired therapies to address a range of mental health and neurological disorders. The company applies traditional drug development techniques to molecules derived from psychedelic compounds, with an emphasis on safety, efficacy and scalable manufacturing. Its research and development activities span small-molecule analogues, novel formulations and digital therapeutics designed to enhance or support pharmacological interventions.

The company’s lead development programs include MM-120, an investigational low-dose LSD formulation intended for treatment of anxiety; MM-310, an ibogaine-derived non-hallucinogenic compound targeting opioid withdrawal and addiction; and MM-402, a proprietary 5-MeO-DMT receptor agonist for mood and stress-related indications.