HC Wainwright Reaffirms “Buy” Rating for Mind Medicine (MindMed) (NASDAQ:MNMD)

HC Wainwright reiterated their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a $55.00 price target on the stock.

Several other analysts have also issued reports on the stock. Roth Capital upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a research report on Wednesday, July 24th. Canaccord Genuity Group reduced their target price on Mind Medicine (MindMed) from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Leerink Partnrs raised Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Leerink Partners began coverage on Mind Medicine (MindMed) in a research report on Monday, October 14th. They issued an “outperform” rating and a $20.00 target price on the stock. Finally, Roth Mkm began coverage on shares of Mind Medicine (MindMed) in a report on Wednesday, July 24th. They issued a “buy” rating and a $36.00 target price for the company. Nine analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $25.38.

Mind Medicine (MindMed) Stock Performance

Shares of Mind Medicine (MindMed) stock opened at $8.39 on Monday. Mind Medicine has a 52-week low of $2.42 and a 52-week high of $12.22. The firm has a 50-day moving average of $6.29 and a 200-day moving average of $7.24. The company has a debt-to-equity ratio of 0.09, a current ratio of 9.00 and a quick ratio of 5.92.

Mind Medicine (MindMed) (NASDAQ:MNMD) last released its earnings results on Tuesday, August 13th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.18). As a group, equities analysts forecast that Mind Medicine will post -1.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Dan Karlin sold 6,871 shares of the company’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 transaction, the insider now directly owns 344,656 shares of the company’s stock, valued at $2,061,042.88. This represents a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert Barrow sold 19,771 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $5.98, for a total value of $118,230.58. Following the sale, the chief executive officer now directly owns 545,772 shares of the company’s stock, valued at $3,263,716.56. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,994 shares of company stock valued at $173,384 in the last three months. 2.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Institutional investors have recently added to or reduced their stakes in the stock. SageView Advisory Group LLC purchased a new stake in shares of Mind Medicine (MindMed) during the 1st quarter worth approximately $25,000. Bridgewealth Advisory Group LLC bought a new stake in shares of Mind Medicine (MindMed) in the second quarter valued at $72,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Mind Medicine (MindMed) during the 3rd quarter valued at $58,000. Wealth Alliance bought a new position in shares of Mind Medicine (MindMed) during the 2nd quarter worth $79,000. Finally, Arizona State Retirement System purchased a new stake in Mind Medicine (MindMed) in the 2nd quarter worth about $114,000. 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.