Mind Medicine (MindMed)’s (MNMD) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Mind Medicine (MindMed) (NASDAQ:MNMD) in a research note released on Thursday, Benzinga reports. The brokerage currently has a $75.00 price objective on the stock.

Other research analysts have also recently issued research reports about the stock. Canaccord Genuity Group began coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, December 5th. They issued a buy rating and a $9.00 target price for the company. Royal Bank of Canada boosted their price target on shares of Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an outperform rating in a report on Thursday, February 29th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of Buy and a consensus price target of $24.83.

Mind Medicine (MindMed) Stock Performance

MNMD stock traded up $0.74 during mid-day trading on Thursday, reaching $9.91. 3,044,161 shares of the stock traded hands, compared to its average volume of 1,872,891. Mind Medicine has a 52 week low of $2.41 and a 52 week high of $11.10. The firm has a market capitalization of $409.62 million, a PE ratio of -4.04 and a beta of 2.65. The business has a 50-day moving average of $5.07 and a two-hundred day moving average of $3.90. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18.

Insider Activity at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 13,237 shares of Mind Medicine (MindMed) stock in a transaction dated Tuesday, December 26th. The shares were sold at an average price of $3.63, for a total value of $48,050.31. Following the sale, the chief executive officer now owns 596,721 shares of the company’s stock, valued at $2,166,097.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 25,663 shares of company stock valued at $93,157 over the last ninety days. Corporate insiders own 2.11% of the company’s stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC grew its position in shares of Mind Medicine (MindMed) by 1,063.1% in the 2nd quarter. Millennium Management LLC now owns 5,075,110 shares of the company’s stock worth $3,249,000 after buying an additional 4,638,774 shares during the period. LPL Financial LLC bought a new stake in shares of Mind Medicine (MindMed) during the second quarter valued at approximately $496,000. Cubist Systematic Strategies LLC purchased a new position in shares of Mind Medicine (MindMed) in the second quarter valued at $328,000. State Street Corp increased its position in Mind Medicine (MindMed) by 7.3% during the first quarter. State Street Corp now owns 6,145,503 shares of the company’s stock valued at $6,822,000 after acquiring an additional 416,765 shares during the last quarter. Finally, Geode Capital Management LLC bought a new position in Mind Medicine (MindMed) during the fourth quarter valued at $619,000. Hedge funds and other institutional investors own 9.73% 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 for the treatment of core symptoms of autism spectrum disorder.