Mind Medicine (MindMed) (NASDAQ:MNMD) Coverage Initiated by Analysts at Evercore ISI

Equities research analysts at Evercore ISI started coverage on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note issued on Tuesday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $23.00 price target on the stock. Evercore ISI’s price objective points to a potential upside of 233.33% from the company’s previous close.

Several other research analysts have also issued reports on MNMD. HC Wainwright reiterated a “buy” rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research note on Monday, November 11th. Leerink Partnrs upgraded shares of Mind Medicine (MindMed) to a “strong-buy” rating in a report on Friday, October 11th. Chardan Capital initiated coverage on Mind Medicine (MindMed) in a report on Friday, December 20th. They set a “buy” rating and a $20.00 target price on the stock. Leerink Partners began coverage on Mind Medicine (MindMed) in a research note on Monday, October 14th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Oppenheimer restated an “outperform” rating and set a $20.00 price objective on shares of Mind Medicine (MindMed) in a research report on Tuesday, December 17th. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $26.33.

Mind Medicine (MindMed) Stock Performance

Shares of NASDAQ:MNMD opened at $6.90 on Tuesday. Mind Medicine has a 12 month low of $3.67 and a 12 month high of $12.22. The firm’s 50-day moving average is $7.27 and its 200 day moving average is $6.93. The company has a market capitalization of $505.98 million, a price-to-earnings ratio of -3.05 and a beta of 2.60. The company has a current ratio of 9.00, a quick ratio of 9.00 and a debt-to-equity ratio of 0.09.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its earnings results on Thursday, November 7th. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. During the same quarter in the previous year, the company posted ($0.53) EPS. Research analysts predict that Mind Medicine will post -1.35 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other news, CEO Robert Barrow sold 19,106 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $7.43, for a total value of $141,957.58. Following the completion of the transaction, the chief executive officer now owns 526,666 shares in the company, valued at $3,913,128.38. This trade represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dan Karlin sold 6,643 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $7.43, for a total transaction of $49,357.49. Following the completion of the sale, the insider now directly owns 338,013 shares in the company, valued at approximately $2,511,436.59. The trade was a 1.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,022 shares of company stock valued at $208,203. 2.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. acquired a new position in shares of Mind Medicine (MindMed) during the 4th quarter valued at about $108,000. Foundations Investment Advisors LLC acquired a new stake in Mind Medicine (MindMed) during the fourth quarter worth about $91,000. SG Americas Securities LLC lifted its stake in shares of Mind Medicine (MindMed) by 48.8% in the 4th quarter. SG Americas Securities LLC now owns 24,406 shares of the company’s stock valued at $170,000 after purchasing an additional 8,004 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Mind Medicine (MindMed) by 21.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,430 shares of the company’s stock worth $87,000 after purchasing an additional 2,230 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Mind Medicine (MindMed) by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 36,995 shares of the company’s stock worth $211,000 after buying an additional 2,797 shares during the period. Hedge funds and other institutional investors own 27.91% of the company’s stock.

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, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.