Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) Given Consensus Rating of “Buy” by Brokerages

Mind Medicine (MindMed) Inc. (NASDAQ:MNMD) has been given an average recommendation of “Buy” by the twelve brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have given a buy rating and three have given a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $30.3333.

Several brokerages have weighed in on MNMD. Needham & Company LLC set a $28.00 target price on Mind Medicine (MindMed) and gave the company a “buy” rating in a research note on Monday, October 13th. Lifesci Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Tuesday, October 14th. Canaccord Genuity Group upped their price objective on shares of Mind Medicine (MindMed) from $16.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mind Medicine (MindMed) in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada cut their price target on shares of Mind Medicine (MindMed) from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, November 7th.

Mind Medicine (MindMed) Stock Performance

Shares of Mind Medicine (MindMed) stock opened at $13.43 on Friday. The firm’s fifty day simple moving average is $12.34 and its 200-day simple moving average is $10.35. Mind Medicine has a 12 month low of $4.70 and a 12 month high of $14.43. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -6.58 and a beta of 2.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.30 and a quick ratio of 3.30.

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

Institutional Trading of Mind Medicine (MindMed)

A number of institutional investors have recently modified their holdings of the business. Marshall Wace LLP raised its position in Mind Medicine (MindMed) by 31.9% in the second quarter. Marshall Wace LLP now owns 3,421,224 shares of the company’s stock worth $22,204,000 after acquiring an additional 828,067 shares in the last quarter. Commodore Capital LP boosted its position in shares of Mind Medicine (MindMed) by 10.5% during the 2nd quarter. Commodore Capital LP now owns 5,000,000 shares of the company’s stock worth $32,450,000 after purchasing an additional 475,000 shares in the last quarter. Orbimed Advisors LLC acquired a new position in shares of Mind Medicine (MindMed) during the 3rd quarter worth $4,337,000. Rosalind Advisors Inc. increased its holdings in shares of Mind Medicine (MindMed) by 78.6% in the 3rd quarter. Rosalind Advisors Inc. now owns 750,000 shares of the company’s stock valued at $8,842,000 after purchasing an additional 330,000 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Mind Medicine (MindMed) in the 1st quarter valued at about $1,556,000. 27.91% of the stock is currently owned by hedge funds and other institutional investors.

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.