Mind Medicine (MindMed) (NASDAQ:MNMD) Stock Rating Reaffirmed by Leerink Partnrs

Mind Medicine (MindMed) (NASDAQ:MNMD)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Leerink Partnrs in a report released on Monday, Zacks.com reports. Leerink Partnrs also issued estimates for Mind Medicine (MindMed)’s Q1 2024 earnings at ($1.18) EPS, Q2 2024 earnings at ($0.25) EPS, Q3 2024 earnings at ($0.28) EPS, Q4 2024 earnings at ($0.40) EPS, FY2024 earnings at ($1.80) EPS, FY2025 earnings at ($1.65) EPS, FY2026 earnings at ($1.65) EPS, FY2027 earnings at ($1.45) EPS and FY2028 earnings at ($0.15) EPS.

Several other research analysts have also weighed in on the company. Royal Bank of Canada upped their price target on Mind Medicine (MindMed) from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. SVB Leerink began coverage on Mind Medicine (MindMed) in a report on Monday. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $75.00 price objective on shares of Mind Medicine (MindMed) in a report on Thursday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $25.20.

Mind Medicine (MindMed) Trading Down 3.5 %

Shares of NASDAQ MNMD traded down $0.35 during mid-day trading on Monday, hitting $9.53. 778,466 shares of the company traded hands, compared to its average volume of 1,961,548. Mind Medicine has a 1 year low of $2.41 and a 1 year high of $12.22. The stock has a market capitalization of $669.67 million, a price-to-earnings ratio of -3.89 and a beta of 2.81. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average of $7.79 and a two-hundred day moving average of $4.86.

Mind Medicine (MindMed) (NASDAQ:MNMD) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.11). On average, sell-side analysts anticipate that Mind Medicine will post -1.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Mind Medicine (MindMed) news, insider Dan Karlin sold 6,578 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the completion of the sale, the insider now owns 358,452 shares in the company, valued at approximately $3,405,294. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Robert Barrow sold 16,519 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total transaction of $156,930.50. Following the completion of the transaction, the chief executive officer now owns 580,202 shares in the company, valued at approximately $5,511,919. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dan Karlin sold 6,578 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $9.50, for a total value of $62,491.00. Following the transaction, the insider now owns 358,452 shares of the company’s stock, valued at approximately $3,405,294. The disclosure for this sale can be found here. Corporate insiders own 2.11% of the company’s stock.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its holdings in Mind Medicine (MindMed) by 60.7% during the 2nd quarter. Royal Bank of Canada now owns 7,474 shares of the company’s stock valued at $27,000 after purchasing an additional 2,824 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $28,000. Virtu Financial LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 1st quarter valued at $29,000. Regal Investment Advisors LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $46,000. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of Mind Medicine (MindMed) in the 3rd quarter valued at $53,000. 27.91% of the stock is owned by institutional investors and hedge funds.

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 for the treatment of core symptoms of autism spectrum disorder.