Mind Medicine (MindMed) (NASDAQ:MNMD) Raised to “Strong-Buy” at Leerink Partnrs

by · The Cerbat Gem

Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) was upgraded by investment analysts at Leerink Partnrs to a “strong-buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Canaccord Genuity Group lowered their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Mind Medicine (MindMed) in a research note on Friday, June 21st. Leerink Partners started coverage on Mind Medicine (MindMed) in a research note on Monday. They issued an “outperform” rating and a $20.00 target price for the company. Roth Capital upgraded Mind Medicine (MindMed) to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, HC Wainwright increased their price target on Mind Medicine (MindMed) from $35.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Nine research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $25.38.

Get Our Latest Analysis on Mind Medicine (MindMed)

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD opened at $5.81 on Friday. The firm has a market capitalization of $417.58 million, a PE ratio of -1.98 and a beta of 2.52. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.92 and a quick ratio of 5.92. The business has a 50-day moving average of $6.09 and a two-hundred day moving average of $7.67. Mind Medicine has a 12 month low of $2.41 and a 12 month high of $12.22.

Mind Medicine (MindMed) (NASDAQ:MNMD – Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.18). As a group, research analysts forecast that Mind Medicine will post -1.27 earnings per share for the current year.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,871 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $41,088.58. Following the transaction, the insider now owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 19,771 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total transaction of $118,230.58. Following the transaction, the chief executive officer now owns 545,772 shares of the company’s stock, valued at $3,263,716.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Dan Karlin sold 6,871 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $5.98, for a total value of $41,088.58. Following the completion of the sale, the insider now directly owns 344,656 shares in the company, valued at approximately $2,061,042.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,994 shares of company stock valued at $173,384 in the last quarter. Insiders own 2.26% of the company’s stock.

Institutional Trading of Mind Medicine (MindMed)

Several hedge funds have recently made changes to their positions in the stock. Tri Locum Partners LP lifted its holdings in shares of Mind Medicine (MindMed) by 0.6% in the 2nd quarter. Tri Locum Partners LP now owns 382,055 shares of the company’s stock worth $2,755,000 after purchasing an additional 2,459 shares during the last quarter. SageView Advisory Group LLC bought a new stake in shares of Mind Medicine (MindMed) in the 1st quarter worth approximately $25,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Mind Medicine (MindMed) by 24.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 35,508 shares of the company’s stock worth $256,000 after purchasing an additional 6,890 shares during the last quarter. Bridgewealth Advisory Group LLC bought a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter worth approximately $72,000. Finally, Wealth Alliance bought a new stake in shares of Mind Medicine (MindMed) in the 2nd quarter worth approximately $79,000. Institutional investors own 27.91% of the company’s stock.

Mind Medicine (MindMed) Company Profile

(Get Free Report)

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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